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Konzum H1 losses narrow as revenue rises

Hungarian holding company Konzum had a net loss of HUF 111 million in the first half, narrowing from a loss of HUF 152 million in the same period a year earlier as revenue climbed and financial losses fell, Konzum's consolidated IFRS report published late Tuesday shows.

Net sales revenue rose 18% to HUF 3.50 billion. Cost of sales rose 19% to HUF 2.90 billion. Gross profit rose 15% to HUF 600 million.

Konzum had a HUF 60 million loss at operating level, but a HUF 51 million financial loss - albeit less than the HUF 69 million loss in the base period - hit the bottom line hard.

Konzum had total assets of HUF 7.76 billion on June 30, up 10% from the end of 2010. Net assets fell 4% to HUF 2.50 billion.