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Duna House Q2 Profit Falls 7%

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Photo by Fabio Balbi / Shutterstock.com

The second-quarter after-tax profit of listed real estate broker Duna House fell 7% year-on-year to HUF 839 million, according to an earnings report published on the website of the Budapest Stock Exchange.

Net sales revenue fell 21% to HUF 7.2 billion. Duna House saw HUF 434 mln in revenue from handovers of homes in its Forest Hill project in the capital. The inventory value of the homes was HUF 250 mln. The handovers added HUF 110 mln to EBITDA.

Core after-tax profit, adjusted for one-offs, fell 28% to HUF 569 mln. Clean core EBITDA slipped 36% to HUF 802 mln.

Duna House noted that adjusted core EBITDA jumped 228% quarter-on-quarter on the back of volume growth, signaling a turnaround.

In a breakdown by country, the report shows Duna House's domestic business generated an after-tax profit of HUF 637 mln, and the Italian company had earnings of HUF 234 mln. The Polish firm finished the quarter a little under break-even.

Management expects the second half to exceed the first regarding key financial indicators and affirms guidance for 2023, Duna House said.

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