TvNetWork H1 profits fall on earlier sale of networks
Hungarian Cable television and internet service provider TvNetWork's H1 net profit dropped 27% to Ft 103 million from the same period a year earlier, and revenue fell 16% to Ft 1.28 billion.
The un-audited consolidated Hungarian-Accounting-Standards report for the period published on Friday attributed the drop to the sale of some of its networks at the end of 2007. It noted that it launched several acquisitions in H1 the results of which will show up, however, only in second-half results.
Material costs dropped 17% to Ft 787 million and payroll costs declined 30% to Ft 124 million while “other costs” nearly tripled to Ft 376 million.
Operating costs fell 43% to Ft 99 million.
TvNetWork had total assets of Ft 4.73 billion on June 30, 2008, 29pc more than twelve months earlier. Net assets climbed 75% to Ft 3.02 billion. (MTI – Econews)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.