IT-cum-media company econet.hu's Q1-Q3 losses more than doubled to HUF 522 million from HUF 248 million in the same period a year earlier as revenue fell because of the effects of the global economic crisis on the advertising market, econet.hu said in its consolidated IFRS report for the period published on Thursday.
Earnings per share came to negative HUF 10.5.
Revenue dropped 31% to HUF 1.27 billion. Material and payroll costs fell at slower rates: by 11% to HUF 1.45 billion and by 23% to HUF 348 million, respectively. The company booked an operating loss of HUF 625 million, compared to a loss of HUF 215 million in the same period a year earlier.
Hungary's magazine ad market contracted 17.8% and the radio ad market shrank 10% in Q1-Q3 from the same period a year earlier, according to data compiled by TNS Media Intelligence, econet.hu said.
econet.hu said it had saved HUF 200 million because of cost-cuts in Q3.
econet.hu had total assets of HUF 8.0 billion on September 30, 2009, 2% more than twelve months earlier. Net assets fell 7% to HUF 5.81 billion. Long-term liabilities slipped 12% to HUF 50 million.
econet.hu shares traded at HUF 131 at 10:23am on Thursday, down 5.75% from the previous close. (MTI-Econews)