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Konzum first-quarter sales up 18%, losses decline

Hungarian holding company Konzum sustained IFRS consolidated losses of HUF 50.8 million in the first quarter of 2011, a big improvement from consolidated losses of HUF 115.8 million a year earlier as operating losses dropped and a financial loss turned into a profit , the company announced on Thursday, citing figures from its unaudited, consolidated first-quarter IFRS report.

Revenue totaled HUF 1.24 billion in Q1, up 18.3% from HUF 1.05 billion during the same period a year earlier. The company generated 99.7% of its first-quarter revenue through domestic sales.

The number of the units the company operates rose by four during the period as a result of the transformation of its construction material retail unit Tüzépker unit. Construction material sales, giving 92% of sales revenue, rose almost 20%. Sales rose 16% in the property management segments as both the parent company and Konzum Áruház has stable leases.

Consolidated operating losses fell from HUF 94.9 billion to HUF 69.8 billion and Konzum had financial profit of HUF 19 billion as against financial losses of HUF 20.1 billion a year earlier.

Konzum noted that it employs 199 people on a consolidated level, down from 205 at the beginning of the year.

Konzum is a B-category issuer at the Budapest Stock Exchange.