MTel earnings climb on improved cost-efficiency

Telco

Net income of Magyar Telekom rose 39% to HUF 59 bln in 2021, supported by lower payroll costs and a smaller financial loss, state news wire MTI writes, citing an earnings report released after the closing bell on Wednesday.

Revenue rose 4% to HUF 700.1 bln, driven by a 7% increase in mobile turnover which reached HUF 389.4 bln.

Direct costs climbed at a faster clip, increasing 5% to HUF 311.7 bln, but indirect costs edged down 1% to HUF 147.7 bln as headcount declined and severance costs dropped.

MTel booked a financial loss of HUF 13.7 bln for the year, down from HUF 23.8 bln in 2020.

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