Leasing market takes hit from pandemic crisis
Image by Shutterstock.com
Growth on Hungaryʼs leasing market came to a halt in the first quarter due to the coronavirus pandemic, the Hungarian Leasing Association told state news wire MTI on Monday.
Image by Shutterstock.com
Leasing companiesʼ outlays fell 10% year-on-year to HUF 146 billion as the negative effects of the crisis began to show in March.
Outlays for cars and light commercial vehicles rose 4% to almost HUF 63 bln in the first quarter.
Outlays for heavy commercial vehicles dropped 36% to less than HUF 25 bln.
Financing of farm machinery came to almost HUF 13 bln, down 24% from last year, partly due to outstanding growth in 2018 and 2019.
Financing of construction machinery fell 9% to HUF 5.6 bln, also from a high base.
The segment of other production equipment shows a 14% decline compared to outstanding growth last year.
Early this year, members of the association expected total outlays to come to around HUF 740 bln-750 bln this year, level with 2019. Due to the impact of the pandemic, they now project outlays to fall 25-30% from the previous year to HUF 520 bln-550 bln in 2020.
Richter Shareholders Approve HUF 423/Share Dividend
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.
