Visonka turns profit in H1 on declining interest payments

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Hungarian feed company Visonka Takarmánykeverő posted profit of HUF 1.2 million in the first half of 2011, compared to losses of HUF 635,000 in H1 of 2010, as a result of a decline in interest payments and penalties, the company revealed in its unaudited IFRS report for the period on Monday evening.

Visonka paid HUF 12.1 million in interest and late fees in the first half of 2011, compared to 18.7 million in interest and late fees in H1 of 2010. Operating profit also rose, by 8.3% to HUF 13 million.

The company, which began trading in the B-category at the Budapest Stock Exchange (BSE) on June 23, 2011, generated revenue of HUF 1.18 billion in the first half of the year, up 6.0% yr/yr.

Total assets rose 21.9% from the end of 2010 to HUF 1.21 billion on June 30, mainly reflecting a sharp 73.8% rise in short-term liabilities, to HUF 512m. Registered capital was raised by HUF 30 million or 6.6% from six months earlier to HUF 490 million from profit reserves in the period. Net assets were hardly changed at HUF 497 million.

Visonka is a wholly-owned unit of KEG Central European Gas Terminal, which is also a B-category issuer at the BSE.

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