Duna House Q3 earnings fall from high handover base
After-tax consolidated profit of listed real estate broker Duna House fell 15% year-on-year to HUF 465 million in the third quarter, because of the handover of flats in a residential development in the base period, an earnings report released after the closing bell on Monday shows.
Duna House noted that sales of flats in its MyCity residential development in Budapest added HUF 70 mln to the bottom line in Q3, well under the HUF 269 mln in the base period, when handovers started.
After-tax profit of Duna House's core business, adjusted for one-offs, climbed 54% to HUF 494 mln.
The company said adjusted core profit in Q1-Q3 was 20% over the full-year target and raised guidance for the line to HUF 1.5-1.7 billion
Duna House's group-level revenue rose 72% to HUF 3.8 bln. Revenue from commissions rose 10% to HUF 2.4 bln in Hungary and climbed 52% to HUF 975 mln in Poland.
Policymakers Cut Central Bank Base Rate by 50 bp to 7.75%
Bulgaria's Household Income, Spending Rise 20% in 2023
Spar Magyarország Revenue Climbs Close to 16% in 2023
Hungary Launches HUF 15 bln Tourism Sector Support Program
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.
