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Tesco’s Hungarian unit turns profitable

The Hungarian unit of U.K.-based retail giant Tesco had after-tax profit of HUF 13.2 billion in the financial year ending on February 29, compared to a HUF 68 bln loss in the preceding financial year, Hungarian news agency MTI reported today based on public records.

Net sales revenue was up 0.71% to HUF 614 bln. Sales grew due to an expanding product range, favorable prices attracting customers, an increase in online sales, and the development of small-scale stores, the report noted. 

Income from financial operations was HUF 14.7 bln, up by HUF 6.4 bln compared to the previous year.