Appeninn property firm reports drop in profit

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Budapest real estate firm Appeninn Holding today reported that after-tax earnings in the first half of the year were €412,000, a 27% drop in after-tax profits from the same period of last year, according to state news agency MTI.

Still, the company reportedly said it would pay a divident this year.

Appeninnʼs earnings suffered due to unrealized exchange rate losses and the cost of refinancing a CHF 13 million loan, Appeninn said in an announcement released with its earnings report.

In the first half of this year, revenue fell 4%, to  €2,150,000, the company said, attributing the drop to the sale of projects undertaken as part of a portfolio restructuring as well as fluctuations in the forintʼs exchange rate, according to MTI.

Appeninn is involved in property investment and asset management.

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