Project Handovers, FX Gain Lifts Duna House Earnings

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Third-quarter after-tax profit of listed real estate broker Duna House rose 56% year-on-year to HUF 727 million, boosted by handovers and a net financial gain, an earnings report published after the closing bell on Tuesday shows.

Adjusted for one-offs, after-tax profit from core activities edged up 2pc to HUF 501m, Duna House noted, pointing to the impact of higher interest rates on the real estate and loan market.

Net sales revenue climbed 120% to HUF 8.4 bln.

Duna House's Italian loan broker HGroup, which it acquired late last year, accounted for over half of revenue, generating net sales of HUF 4.8 bln. Turnover of Duna House's Polish business was halved to HUF 1.3 bln, due to a "drastic" drop in business volume, while domestic turnover nearly doubled to HUF 2.2 bln on handovers.

Duna House said management is "confident" full-year guidance will be reached, after Q1-Q3 after-tax profit reached HUF 2.3 bln, passing the lower threshold of the HUF 2.1 bln-3.7 bln guidance range.

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