ADVERTISEMENT

Est Media Q2 losses rise as revenue plummets

Music

Hungarian media company Est Media sustained after-tax losses of HUF 311.5 million in the second quarter of 2011, up from after-tax losses of HUF 288.4 million in Q2 of 2010, according to the company’s consolidated, unaudited IFRS report published late on Thursday.

Est Media had revenue of HUF 638.1 million in the second quarter of 2011, down 30.7% yr/yr.

The company had after-tax losses of HUF 517.1 million in the first half of 2011, compared to after-tax losses of HUF 440.4 million in H1 of 2010, on revenue of HUF 1.19 billion in the first six months of 2011, down 26% from the same period in 2010.

Est Media attributed its declining revenue to the termination of the company's radio-station operations, the extraordinary high 2010 base of the company's EGMPrint unit and declining turnover from its EGMIndoor advertising and EGMOnline units during the period.

In June, shareholders of Est Media unanimously approved a reorganization plan to be carried out in Q2 and Q3 of 2011 that aims to put the group in the black at operating level, excluding the event unit, in the second half of the year.

The plan counts the event unit, which includes festival organizer Sziget, among the activities Est Media will retain, placing the group's program guide publisher and online media unit among activities that will be retained, but that must be restructured. The group's concert manager is placed among "insignificant activities" in the plan, while the EMGIndoor unit was put in the "not necessarily to be retained" category.

Est Media is an A-category issuer at the Budapest Stock Exchange.

ADVERTISEMENT

MKIK: Local business tax should be maintained Analysis

MKIK: Local business tax should be maintained

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

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.