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MTel sales rise, but financial loss weighs on bottom line

Telco

Third-quarter revenue of Magyar Telekom rose and margins improved, but a bigger financial loss caused net income to fall, state news wire MTI reports, citing an earnings report released this week.

Revenue climbed 6% year-on-year to HUF 178.1 billion. Direct costs rose at a slightly slower pace than sales, lifting gross profit 7% to HUF 101.7 bln.

Operating profit increased 16% to HUF 29.5 bln.

MTel booked a HUF 5.5 bln net financial loss, well over the HUF 1.2 bln financial loss in the base period.

That loss, which MTel attributed partly to higher interest expenses related to spectrum payment liabilities, caused net income to fall 4% to HUF 17.9 bln.

MTel affirmed guidance for 2021 revenue growth of "around 3%" and EBITDA growth of "at least 3%".

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