Danubius delves further into red in Q1 on financial losses
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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