Hungary's Danubius lifts Q2 earnings 43%
Hungarian hotel operator Danubius posted a Ft 2.374 billion ($14.91 million) net profit in the second quarter, a 43% rise, it said on Thursday.
Net sales for the group which operates in Hungary, the Czech Republic, Romania and Slovakia, fell one percent year-on-year to Ft 12.852 billion in the second quarter.
“The euro/forint cross had no significant impact on second-quarter sales relative to the second quarter of 2007, but the strong forint is expected to affect third-quarter sales significantly,” the company said.
A firming of currencies in the region including the Czech crown and the Slovakian crown helped financial results as the revaluation of assets and liabilities led to a profit of Ft 1.854 billion in the second quarter.
Revenues from hotel rooms in Hungary, the main market of Danubius, dropped by 5% to Ft 4.3 billion as less guests arrived, Danubius said.
Domestic material costs increased by 14% to Ft 1.64 billion due to high inflation in Hungary, the company said. (Reuters)
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