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econet.hu estimates revenue exceeded HUF 8 bln in 2010

econet.hu estimates its consolidated revenue climbed over HUF 8 billion in 2010 from HUF 2.1 billion in 2009 with the consolidation of its majority stake in festival organizer Sziget, the media and IT company said.

Consolidated operating profit likely improved by several hundred million forints, the company said.

econet.hu raised its stake in Sziget to 51% in November. The company said earlier that the consolidation of its event division would not boost revenue and improve operating profit until 2011.

econet.hu's losses grew to HUF 607 million in Q1-Q3 from a loss of HUF 385 million in the same period a year earlier because of one-off items related to the sale of its radio broadcaster radiocafe, the company said in November. econet.hu had revenue of HUF 2.52 billion in Q1-Q3, double the amount in the same period a year earlier.

In its Q1-Q3 report, econet.hu noted that Q4 revenue of its media division in 2007-2009 had accounted for 39.5% of full-year turnover on average.

econet.hu said it targets consolidated revenue of HUF 8.5 billion-10 billion in 2011, depending on the advertising market. It expects operating profit in the hundreds of millions of forints. (MTI – Econews)