Hungarian media and holding company econet.hu generated revenue of HUF 695.8 million (€2.5 million) in the first quarter of 2010, up 169% from a year earlier as the launching of the company's new radio station, Neo FM, increased turnover, though curbed profit during the period, econet.hu revealed in its consolidated, unaudited first-quarter IFRS report on Wednesday evening.
The company recorded net losses of HUF 342.7 million in the first quarter of 2010, down from losses of HUF 368.9 million in Q1 of 2009.
Disregarding Neo FM's Q1 financial results, econet.hu still doubled first-quarter revenue in yr/yr terms to HUF 515 million, while sustaining post-tax losses of HUF 133.5 million, 60% less than a year earlier, the report said.
The company had operating losses of HUF 420.7 million in the first quarter of 2010, compared to operating losses of HUF 410.1 million in Q1 of 2009.
The company posted negative EBITDA of HUF 370 million in the first quarter of 2010, slightly down from an also negative HUF 375.3 million in Q1 of 2009.
Excluding NeoFM, operating losses totaled HUF 178m in Q1 and EBITDA was a negative HUF 142 billion.
The company had total assets of 8.32 billion on March 31, 2010, up 6% from March 31, 2009. Net assets fell 7% in twelve months to HUF 5.52 billion.
The company noted that the financial results of Neo FM, which was launched in November 2009, had conformed to expectation during the first quarter, adding that econet.hu is seeking to take advantage of opportunities stemming from the economic crisis to make acquisitions in 2010. (MTI-Econews)