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Econet.hu attributes 2010 loss to one-off factors

Econet.hu, recently renamed Est Média, booked a HUF 1.48 billion loss in 2010 which it attributed mainly to one-off factors, such as bigger-than-planned amortization and losses on options for treasury shares, the media company said in its consolidated IFRS report.

Econet.hu had a HUF 772 million loss in 2009.

Excluding the one-off effects in 2010, econet.hu said it would have had a HUF 328 million loss.

Revenue jumped almost 300% to HUF 8.38 billion on higher advertising sales and the full consolidation of festival organizers Sziget and Volt, econet.hu said.

Material costs rose 251% to HUF 7.85 billion and payroll costs were up 59% at HUF 565 million.

EBITDA was HUF 36 million last year as against a negative EBITDA of HUF 472 million in 2009.

Econet.hu booked amortization of HUF 226 million, 54% more than in 2009.

The company had a HUF 190 million loss at operating level, as against operating loss of HUF 619 million a year earlier.

The bottom line was also hit by a HUF 1.24 billion financial loss, well over the HUF 634 million loss in the previous year.

Econet.hu targets revenue of HUF 8.5 - 10 billion in 2011, depending on the advertising market, said chairman-CEO Csaba Balázs. Operating profit is set to improve by half a billion forints, he added.

Econet.hu had total assets of HUF 10.06 billion on December 31, 2011, up 26% from twelve months earlier. Net assets were up 4% at HUF 5.95 billion.