Are you sure?

Sziget Festival profits fall, but organizer’s EBITDA could still reach HUF 500 mln

Budapest's Sziget Festival, a week-long musical extravaganza on an island in the Danube, generated less profit this year than in 2009, but festival organizer Sziget Kulturális Menedzser Iroda could still close the year with EBITDA of around HUF 500 million,, which owns 26% of Sziget Kulturális Menedzser Iroda, said.

The festival has been less affected by the economic crisis than its competitors, but weather-related costs and the forint/euro exchange rate had a negative effect on earnings this year, said.

The Sziget Festival, the largest of three big festivals and several smaller ones that Sziget Kulturális Menedzser Iroda organizes, drew 382,000 visitors on August 11-16.

The number was down from a record 390,000 in 2010.

Chief organizer Károly Gerendai told daily Népszabadság that profit of this year's festival was HUF 50-100 million. (MTI – Econews)