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Őrmester profits wiped out as revenue falls

Hungarian listed company Őrmester finished 2010 just under break-even after booking net income of HUF 14 million in 2009, the security company said in its Hungarian Accounting Standards report.

Revenue fell 10.3% to HUF 1.46 billion. Material costs fell at a slower rate, dropping 4.6% to HUF 1.25 billion but payroll costs were down 26.5% at HUF 177 million.

Operating profit was down 62.9% at HUF 17 million.

Őrmester had total assets of HUF 1.04 billion on December 31, 2011, up 7.7% from twelve months earlier. Net assets fell 3.0% to HUF 391 million.

The company has units in Serbia, Slovakia and Romania.

The shares of Őrmester were listed on the Budapest Stock Exchange at the beginning of last December.