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Fotex Q1 profit edges down on interest costs

Hungarian property holding company Fotex's first-quarter net income edged down 2% to EUR 1.280 million from the same period a year earlier on interest costs, the company's consolidated report published late Friday shows.

Revenue rose 7% to EUR 9.384 million during the period. Costs rose at a slower rate, climbing 5% to EUR 7.381 million, giving the company a wider margin. But net interest costs of almost EUR 311,000 – compared to a net gain of about EUR 113,000 in the base period – hit the bottom line.

Fotex had total assets of EUR 167.7 million on March 31, 2011, up 2% from the end of 2010.