The company noted that Hunguest Hotels, Hotel Erkel and Konzum Investment Fund Management have been included in consolidated figures, state news wire MTI reported.
A change in the price of the shares of Opus Global held by Konzum unit Konzum Management added an additional HUF 9.3 bln to total comprehensive income.
Konzum had total assets of HUF 68.0 bln at the end of 2017, up from just HUF 4.0 bln twelve months earlier. Net assets rose from HUF 0.6 bln to HUF 40.8 bln.
The balance sheet shows real estate valued at HUF 34.1 bln, stakes in companies of HUF 12.1 bln, and securities of HUF 17.1 bln. Long-term liabilities reached HUF 15.5 bln.
“The companyʼs management positively assesses Konzumʼs outlook and expects further marked growth both in Hungary and in the Central and Eastern European region,” according to the report.
Konzum is directly and indirectly majority owned by the billionaire businessman and investor Lőrinc Mészáros, a close ally of Prime Minister Viktor Orbán, whose wealth has grown spectacularly since the present government ascended to power in 2010.
In early February, Hungaryʼs Competition Office (GVH) approved the takeover of sole direct control of Konzum Investment Fund Management by Mészáros, and consequently sole indirect control of holding company Opus.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
