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Danubius delves further into red in Q1 on financial losses

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Danubius Hotel and Spa had net losses of HUF 2.83 billion in the first quarter, up from net losses of 1.17 billion a year ago due to financial losses during the period, the company announced in its unaudited first-quarter IAS report on Wednesday. Danubius had financial losses of HUF 977 million compared to a financial gain of HUF 723 million in Q1 last year. The company attributed the financial losses to unrealized exchange rate differences. Net sales revenue was up 4% at HUF 8.63 billion. Operating losses declined 1% to HUF 1.85 billion. The loss at EBITDA level also narrowed, by 7% to HUF 670 million. Last year, Danubius had pre-tax profit of HUF 1.97 billion, compared to pre-tax losses of HUF 2.34 billion in 2011. This change stemmed from an improvement in financial results. The company had a financial gain of HUF 160 million last year, compared to financial losses of HUF 2.83 billion in 2011. All of last year's profit was reinvested. Full-year revenue was HUF 46.4 billion, up 6%. The company had total assets of HUF 87.13 billion on March 31, 2013, down 1%.

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