Fotex completes sale of Fotex-Ofotért
2005. Fotex-Ofotert has 102 stores in Hungary, including 12 stores operated as franchisees, 16 stores in Poland and 12 stores in the Czech Republic. Fotex-Ofotert had consolidated revenue of EUR 34 mln (about Ft 8.5bln) last year, according to HAL Holding. The stores employed 720 people. Fotex had consolidated after-tax profits of Ft 126 mln (?0.5 mln) in the first nine months of 2005, a sizeable improvement from losses of Ft 688 mln in the same period a year earlier, the company said in its preliminary report, prepared with International Financial
Reporting Standards (IFRS) and published in November. Fotex recorded
consolidated operating profit of Ft 489 mln, as against operating losses of Ft 674 mln one year earlier. Consolidated net revenue fell 27.9% to Ft 20.58 bln in the first nine months of 2005 from the same period a year earlier. Fotex blamed the fall in turnover in part on its continuing streamlining programme, in which the group closes loss-making and inefficient businesses.
ADVERTISEMENT
IWG Opens New Regus Center in Biatorbágy
Parliament Negates Mandatory Membership in MOK
MNB Grants License to Local iBanFirst Fintech Branch
Meet the Expat CEO of the Year Nominees
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.
