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Fotex H1 net income slips on rising interest

Telco

Luxembourg-based Hungarian asset management company Fotex Holding SE posted net income of €3.08 million in the first half of 2011, down 4% yr/yr as interest expenses rose 84.3% yr/yr to €1.06 million during the period, Fotex's consolidated H1 IFRS profit and loss statement published on Tuesday evening shows.

Fotex generated operating revenue of €19.38 million in the first half of 2011, up 6% yr/yr.

Fotex Holding SE's investment-property segment generated net external sales of €11.95 million in the first half of 2011, or 61.8% of revenue during the period, while the company's crystal- and glass-production segment generated net external sales of €3.5m in H1, or 18.3% of revenue during the first six months of the year.

Fotex's investment-property segment posted profit of €3.52 million during the first half of 2011, while the company's crystal- and glass- production segment posted profit of €651,049 during the period.

Fotex's other six segments – furniture production, cosmetics, music records release and distribution, clothing retailing and wholesaling and advertising and other – all sustained losses during the first half of 2011, and generated the remaining 19.9% of total revenue during the period.

Fotex's crystal- and glass-production stems from the company's ownership of the 133-year-old Ajka Crystal company in central Hungary.

Fotex is an A-category issuer at the Budapest Stock Exchange.

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