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HungaryTrends – The previous week in business and finance
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See below MTI’s main business and financial news from the previous week:
WIZZ AIR NET PROFIT CLIMBS TO EUR 246 M
Hungarian low-fare airline Wizz Air’s net profit rose by 27.5 percent year-on-year to 246 million euros in its business year ended March 31, an earnings report showed. Revenue rose by 10 percent to 1.571 billion euros. Ticket revenue increased 2 percent to 916 million euros and ancillary revenue climbed 23 percent to 656 million euros.
AUDI TO START MAKING ELECTRIC MOTORS IN HUNGARY IN TWO WEEKS
German carmaker Audi will start production of electric motors at its base in Hungary in two weeks, Audi Hungaria chairman Peter Kossler said. In future, all drivetrain technology for Audi’s first electric vehicles will come from Hungary, he added.
Hungary auto industry could reach record output in 2017, says foreign minister in Győr
EU LASER RESEARCH CENTRE INAUGURATED IN HUNGARY
The ELI Attosecond laser research centre was inaugurated in Szeged (SE Hungary). Prime Minister Viktor Orban said the centre was the largest scientific investment in Hungary in modern history. The centre, part of the European Union’s Extreme Light Infrastructure (ELI) project, will make a wide range of ultrashort light sources accessible to the international scientific community. Read more HERE.
GOVERNMENT TO PAY OFF PART OF LARGE FAMILIES’ MORTGAGES
Hungary’s government has decided to pay off 1 million forints (EUR 3,252) of families’ mortgages for every third and subsequent child they have, Prime Minister Viktor Orban said at a world congress of families in Budapest. The government also decided to forgive half of the student loan debt of young women with two children and all of the student loan debt of those with three or more children, Orban said.
TAKARÉKBANK, SAVINGS COOP TO MAKE BUYOUT OFFER FOR FHB
Takarekbank, in consortium with more than 20 other members of savings cooperative integrator SZHISZ, agreed to make a buyout offer for the outstanding shares of FHB Mortgage Bank. At a general meeting in April, Takarekbank shareholders agreed to make the acquisition of 100 percent of FHB a strategic goal of the savings cooperative integration and mandated the board to move forward with a buyout. The shareholders envisioned a delisting of FHB’s shares from the Budapest Stock Exchange conditional on the outcome of the buyout.