Est Media ends Q3 with HUF 8.7 mln net loss
website screen grab
Publishing company Est Media had a HUF 8.7 million net loss in the third quarter compared to a HUF 151.4 mln net profit in the same period last year, according to an earnings report based on Hungarian accounting standards released yesterday.
Screen grab of the companyʼs website.
Profitability declined as the base figures in 2014 Q3 were heavily influenced by earlier accounting practices related to claims transfers and write-downs inside Est Media group as well as the restructuring of the company.
Sales revenue in Q3 2015 was HUF 25.1 mln, up from HUF 1.8 mln a year earlier.
Cost of goods fell from HUF 13 mln to HUF 4.8 mln while personal costs fell from HUF 27.1 mln to HUF 16.6 mln.
Operating loss was HUF 46.9 mln in Q3 compared to a HUF 202 mln profit in the third quarter of 2014.
Financial income was HUF 32.9 mln in Q3 following a HUF 52.3 mln loss in the same period a year earlier.
Est Media went through a major restructuring in 2014 when it sold off assets it owned in EMG Médiacsoport, EXIT Kiadói and Phonon 450 while at the same time closing down its media units in Hungary, Bulgaria and Romania.
According to the statement, most of Est Mediaʼs current operations are connected to managing its remaining financial assets while it looks for new opportunities.
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.