Danubius books Q2 profit as margin widens

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Hungary's Danubius Hotels had net income of HUF 855 million in the second quarter, rising on a wider margin over a loss of more than HUF 900 million in the base period, the company's consolidated IFRS report published late Monday shows.

Revenue climbed 4% to HUF 11.95 billion, as room revenue rose 4% to HUF 6 billion and catering revenue increased 7% to HUF 3.6 billion. Total operating costs rose at a slower pace, edging up 2% to HUF 10.83 billion to lift operating profit 31% to HUF 1.13 billion.

Danubius Hotels' bottom line was also helped by a smaller financial loss: narrowing to HUF 204 million from HUF 1.71 billion in the base period.

In a breakdown by country, Danubius Hotels said revenue in Hungary rose 5% to HUF 7 billion. Domestic pre-tax profit came to HUF 308 million, up from a HUF 1.38 billion loss in Q2 2010.

Revenue in Slovakia inched down 1% to HUF 2.47 billion but pre-tax profit was up 13% at HUF 214 million.

Revenue in the Czech Republic increased 7% to HUF 2.15 billion and pre-tax profit was up 19% at HUF 380 million.

In Romania, revenue rose 3% to HUF 334 million and pre-tax profit climbed 12% to HUF 23 million.

Danubius Hotels had total assets of HUF 87.91 billion on June 30, 2011, 2% less than twelve months earlier. Net assets were practically unchanged at HUF 51.32 billion. Non-current liabilities fell 10% to HUF 22.23 billion.

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