Telco TvNetwork had net income of HUF 476 million in H1 as proceeds from the sale of networks lifted revenue, the company's unconsolidated Hungarian Accounting Standards report for the period published late Tuesday shows.
TvNetwork had a loss of HUF 254 million in H1 2009.
The company sold all its cable television networks by the end of April and had no such subscribers by July 1. TvNetwork lent the proceeds from the sales to telecom and cable tv company DIGI Távközlési, one of its shareholders with a 18.46% stake at the end of July. Interest on that loan makes up most of its present revenues. TvNetwork shareholders voted at an EGM in July to delist the company's shares from the Budapest Stock Exchange.
TvNetwork's sales revenue fell 12% to HUF 1.36 billion in H1 2010 from the same period a year earlier. But “other revenue” rose more than ten-fold to HUF 5.12 billion because of the sale of networks during the period.
Material costs were down 7% at HUF 1.21 billion and payroll costs fell 38% to HUF 66 million.
TvNetwork had total assets of HUF 4.59 billion on June 30, down 11% from the end of December. Material assets plunged from HUF 4.77 billion to HUF 70m as the result of the sales of networks. Receivables jumped from HUF 210 million to HUF 4.17 billion, partly because TvNetwork sold its receivables in H2 2009 and mostly because of the loan to DIGI. (MTI-Econews)