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Econet acquisitions push Q2 losses higher

Budapest-listed media and IT company econet.hu said revenue in Q2 nearly doubled to HUF 940 million compared to the same period last year thanks to new acquisitions, including radio station NeoFM and program magazines Exit, Time Out and Fidelio Est. Despite the sharp rise in revenue, econet.hu posted an operating loss of over HUF 100 million for the April-June period, about the same as last year. One-off revenues from the sale of ISP Externet and radio station radiocafé did little to prop up the bottom line, which showed net losses nearly doubling to HUF 105 million from HU 68 million.