Duna House feels impact of Plusz bonds on Q3 sales
Listed real estate agency Duna Houseʼs revenue from commissions edged down 2% year-on-year in the third quarter as a fall in volume in Hungary countered a marked rise in sales in Poland, preliminary data released by the company on Tuesday show.
Revenue from commissions in Hungary fell by 9% to HUF 2.0 billion, as volume was "seriously hit" by the launch of the Hungarian Government Security Plus (MÁP Plusz) bond for retail investors, which pays an annualized yield of almost 5%, Duna House said.
Subscriptions for the MÁP Plusz bonds, which launched in June, reached HUF 2.1 trillion by the end of September, show data from the Government Debt Management Agency (ÁKK).
In Poland, commission revenues jumped 46% to just over HUF 0.5 bln, supported by a 17% rise in the number of Duna House offices there.
Duna Houseʼs brokered loan volume climbed 87% to HUF 47.5 bln in Q3. In Poland, brokered loan volume more than tripled to HUF 32.0 bln, from HUF 9.2 bln, because of the acquisition of Gold Finance as well as organic growth. In Hungary, brokered loan volume fell 4% to HUF 15.5 bln.
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.