BÉT hits record profit
Monday, May 16, 2005, 00:00
Q1 reports showed record profits at the Budapest Stock Exchange (BÉT), according to business daily Napi Gazdaság. The combined after-tax profit of the 22 leading publicly traded companies was HUF 149 billion, up 22% year-on-year. However, the rate of increase is slowing down: companies on the stock market reported slower growth of profit this year than last year. The Hungarian Oil and Gas Rt (MOL) accounted for almost 50% (Ft 71 billion) of the total profit, while 25% (HUF 38 billion) came from OTP Bank Rt. According to the newspaper, it is too early for predictions, but probably more records are to come. Last year?s income of the 22 corporations totaled Ft 450 billion. Napi estimated that the same companies were likely to post Ft 450-500 billion after-tax profit at the end of the year. The 12 months that have passed since EU accession have brought a serious increase in the value of Hungarian shares, the article concluded.