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Est Media losses up 43% in Q1

The Est Media Group (EMG - formerly known as econet.hu) had consolidated after-tax losses of HUF 223.9 million in the first quarter of 2011, deteriorating 43% yr/yr, while revenues declined 22% to HUF 549 million, the company said on the Budapest Stock Exchange website on Friday.

The IFRS consolidated flash report attributed the increase in losses to the fact that the festival organiser division EMGEvent, which includes Sziget Kft, only had costs in the first quarter, but no revenues for seasonal reasons.

Adjusted with the results of the EMGEvent division, after-tax losses came to HUF 153 million in the first quarter, improving 3% from the same period last year.