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Phylaxia finishes first half HUF 8m in the red as financial losses jump

Hungary's Phylaxia 1912 Holding sustained consolidated losses of HUF 8.8 million in the first half of 2010, compared to consolidated profit of HUF 105 million in H1 of 2009 as the result of sharply increasing financial losses, Phylaxia reported on in the company's consolidated, unaudited first-half IFRS report Tuesday night. Revenue rose 22% and operating profits rose more than five-fold.

Phylaxia 1912 holding had HUF 790.3 million loss on financial operations in the first half of 2010, compared to consolidated financial losses of 19.4 million in H1 of 2009.

The holding company attributed a drastic, more than three-fold increase in first-half financial costs to rising interest payments, exchange-rate losses and one-off expenses related to the restructuring of investments.

Revenue of HUF 2.08 billion in the first half of this year was up from HUF 1.62 billion in H1 of last year and operating costs fell to HUF 1.28 billion from HUF 1.47 billion in H1 of 2009. Operating profits rose as a result sharply, to just below HUF 800 million from HUF 151 million a year earlier.

Phylaxia 1912 Holding noted that the company's stake in bottled-gas company KEG had dropped as planned to under 10% at the end of the first half of the year, while it raised its stake in Kelet Rádió to 100% from 26% on the final day of H1.

Phylaxia 1912 Holding trades in the A-category at the Budapest Stock Exchange. (MTI-Econews)