Hungarian media company econet.hu sustained after-tax losses of HUF 486 million (€1.74 million) during the first quarter of 2009, compared to losses of HUF 37 million in Q1 of 2008, the company announced in its consolidated report for the period.
The increasing losses stemmed from financial losses, the seasonality of the media market and the global economic crisis.
Revenue was HUF 923 million, down 13% yr/yr.
Media revenue was HUF 243 million, while telecommunications revenue was HUF 663 million.
Operating losses were HUF 431 million, compared to losses HUF 12.4 million.
Operating losses from media activities were HUF 383 million, while that from telecommunications activities were HUF 8.5 million.
Revenue from asset-management was HUF 22 million, while operating losses from this activity were HUF 42 million.
EBITDA was minus-HUF 357 million, compared to plus-HUF 36 million.
The acquisition process with regard to Sziget Kft will be completed one year later than expected, in 2013, thus delaying payment of the HUF 1.45 billion acquisition cost until October 15, 2010.
Econonet.hu shares trade in the “A”-category at the Budapest Stock Exchange. (MTI – Econews)