Duna House Net Profit Jumps 282% in Q2

Residential

Image by Shutterstock.com

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. 

ADVERTISEMENT

Czech Republic Manufacturing PMI Lowest Since May 2020 Analysis

Czech Republic Manufacturing PMI Lowest Since May 2020

Gov't Mulls Bailout for Dunaferr Government

Gov't Mulls Bailout for Dunaferr

Blue Chip Art and Passion Assets - Claudia Worthington Hess ... Podcasts

Blue Chip Art and Passion Assets - Claudia Worthington Hess ...

Magyar Posta to Close 35 Post Offices in Capital City

Magyar Posta to Close 35 Post Offices in Capital

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.