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Humet H1 revenue jumps, profit declines

Hungarian dietary-supplement company Humet generated sales revenue of Ft 1.12 billion (€4.72 million) in H1 of 2008, up 261% from Ft 309.9 million in H1 of 2007.

The company attributed the to five companies newly consolidated in its consolidated IFRS first-half report published late on Thursday.

Net profit fell 20.3% from a year earlier to Ft 149 million, as financial profit halved and Humet posted one-off losses of Ft 17 million instead of one-off profit of Ft 50 million a year earlier. Operating profit rose a sharp 48% to Ft 158 million.

Humet announced on August 14 that it targets consolidated after-tax profit of Ft 300 million and revenue of Ft 2.3 billion in 2008.

Total assets rose more than four-fold in twelve months to Ft 4.8 billion on June 30, 2008, again reflecting change in consolidation which includes three REANAL companies, Enerex Botanicals and Phoenix Nutraceutical as newcomers.

Net assets jumped 462% to Ft 3.85 billion at the end of June. Registered capital rose more than five-fold to Ft 1.489 billion at the end of June. Profit reserves were still a negative Ft 747 million, but improved from minus Ft 1.28 billion twelve months earlier.

Short-term liabilities tripled to Ft 632 million in the twelve months to June 30, 2008, and long-term liabilities rose 678% to Ft 306 million.

Humet noted that it has been carrying its acquisitions through its fully controlled subsidiary Humet-PBC North America, in which it directly holds a 63% stake. Humet-PBC North America has a majority holding in all of the group's manufacturing, trading and research units. (MTI – Econews)