Financial Expenses Put 4iG in Red

Telco

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Listed ICT company 4iG booked a HUF 6.4 billion loss for Q1-Q3 as financial expenses weighed, state news wire MTI writes, citing an earnings report released late Thursday.

Net sales revenue jumped 114% to HUF 421.3 bln, supported by its acquisition of a controlling stake in Vodafone Magyarország.

4iG closed the acquisition of a 51% stake in Vodafone Magyarorszag on January 31, 2023. It raised its stake in the telco to 70.5pc through a share swap on March 20.

4iG's telecommunications business generated 88% of revenue and the IT division 12%. Sales in Hungary accounted for 87% of net turnover, while revenue in Albania made up 9% of the total and sales in Montenegro 4%.

The company had an operating profit of HUF 35.2 bln in Q1-Q3, improving from a HUF 0.5 bln operating loss in the base period. 

A net financial loss of HUF 38.2 bln turned earnings negative.

4iG noted that it had booked HUF 8.6 bln for a windfall profit tax on the telecommunications sector in Q1-Q3.

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