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Danubius Q1 loss narrows on bigger financial gain

Hungary's Danubius Hotels had a first-quarter loss of HUF 1.67 billion, narrowing from a HUF 1.81 billion loss in the same period a year earlier as financial profits rose, the company's consolidated IFRS report shows.

Revenue was flat at HUF 7.49 billion, but operating costs rose 3% to HUF 9.77 billion causing losses at operating level to widen to HUF 2.29 billion from HUF 2.00 billion. The bottom line was helped by a HUF 655 million financial gain, well over the HUF 260 million gain in Q1 2010.

Revenue from accommodations was unchanged at 3.34 billion and revenue from catering activities inched up 1% to HUF 2.39 billion. Revenue from health services edged up 2% to HUF 1.17 billion.

In Hungary, revenue fell 4% to HUF 4.21 billion. Revenue of Danubius Hotels' unit in the Czech Republic was up 16% at HUF 1.41 billion, revenue of the Slovakian unit fell 3% to HUF 1.64 billion and revenue in Romania climbed 9% to HUF 218 million.

CAPEX came to HUF 1.6 billion, up from HUF 400 million in Q1 2010.

Danubius Hotels had total assets of HUF 85.6 billion on March 31, 2011, down 1% from twelve months earlier. Net assets were also down 1% at HUF 50.43 billion. Stock of long-term liabilities fell 15% to HUF 20.69 billion.