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Est Media losses increase on one-off items in Q1-Q3

Hungarian media and event organising company Est Media had consolidated losses of HUF 783m in Q1-Q3 2011, up 38.6pc from the same period of 2010. Excluding one-off items, losses fell 10pc yr/yr to HUF 274m, the company said on its consolidated IFRS report published on the Budapest Stock Exchange website.

Operating losses declined 15pc to HUF 288m in Q1-Q3. EBITDA in Q1-Q3 amounted to minus HUF 143m, compared to minus HUF 230m a year earlier.

Earnings per share came to minus HUF 114.28 in Q1-Q3 2011 compared to minus 9.65 a year earlier.

In the third quarter alone, the company had operating profit of HUF 44m, compared to losses of HUF 95m in Q3 2010. Q3 EBITDA came to HUF 97m compared to EBITDA losses of HUF 59m in Q3 2010.

Q3 revenue rose almost fivefold to HUF 4.9bn.

The report notes that the restructuring of the group placed the attainment and increase of short-term operating profit in focus. It also noted that, in accordance with the restructuring measures adopted at the shareholders’ meeting on June 24, 2011, the company has laid the foundations for profitable operation by the end of the period.

The report says due to the restructuring moves - primarily the divestment of the loss-making divisions - annual consolidated revenue will fall in 2011 compared to last year. Est Media had consolidated revenue of HUF 8.35bn last year.

Total assets amounted to HUF 10.52bn at the end of September, up 21pc from a year earlier.

Est Media is an A-category issuer at the Budapest Stock Exchange.