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Duna House Net Profit Jumps 282% in Q2

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Listed real estate broker Duna House had a net profit of HUF 1.033 billion in the second quarter of this year, up 282% from a year earlier, state news wire MTI writes, citing an earnings report released late on Wednesday shows.

Net sales revenue jumped 169% from a year earlier to HUF 9.079 bln.

Duna House attributes the excellent results to a great extent to the acquisition of Italy's HGroup, which contributed more than 50% of revenue and more than 60% of EBITDA. The Italian operations yielded a net profit of HUF 550 million in the second quarter while net profit in Hungary jumped 291% to HUF 475 mln. Net profit in Poland declined 93% to HUF 10.6 mln, and the Czech market closed with a HUF 2 mln net loss compared to a net profit of HUF 6.9 mln a year earlier. 

In spite of the challenging macroeconomic environment, Duna House's management believes it can achieve its goals set for 2022 and confirmed its guidance for net profit between HUF 2.1 bln and HUF 3.7 bln, as communicated early this year. 

Duna House is developing 211 residential properties in two projects under the MyCity brand, of which the group so far recognized revenue of HUF 1.7 bln, with further potential net proceeds of HUF 3.5 bln in the second half of the year, Duna House added. 

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