Financial Expenses Put 4iG in Red
Image: Facebook
Listed ICT company 4iG booked a HUF 6.4 billion loss for Q1-Q3 as financial expenses weighed, state news wire MTI writes, citing an earnings report released late Thursday.
Net sales revenue jumped 114% to HUF 421.3 bln, supported by its acquisition of a controlling stake in Vodafone Magyarország.
4iG closed the acquisition of a 51% stake in Vodafone Magyarorszag on January 31, 2023. It raised its stake in the telco to 70.5pc through a share swap on March 20.
4iG's telecommunications business generated 88% of revenue and the IT division 12%. Sales in Hungary accounted for 87% of net turnover, while revenue in Albania made up 9% of the total and sales in Montenegro 4%.
The company had an operating profit of HUF 35.2 bln in Q1-Q3, improving from a HUF 0.5 bln operating loss in the base period.
A net financial loss of HUF 38.2 bln turned earnings negative.
4iG noted that it had booked HUF 8.6 bln for a windfall profit tax on the telecommunications sector in Q1-Q3.
MOL and O&GD Discover New Oil Reserve Near Tura
Hungary Expects Progress From EU on Erasmus+ Matter
Airport Developments Exceed HUF 130 bln
7th Edition of BSC Charity Beach Volleyball Tournaments Comi...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
