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TvNetWork H1 profits fall on earlier sale of networks

Hungarian Cable television and internet service provider TvNetWork's H1 net profit dropped 27% to Ft 103 million from the same period a year earlier, and revenue fell 16% to Ft 1.28 billion.

The un-audited consolidated Hungarian-Accounting-Standards report for the period published on Friday attributed the drop to the sale of some of its networks at the end of 2007. It noted that it launched several acquisitions in H1 the results of which will show up, however, only in second-half results.

Material costs dropped 17% to Ft 787 million and payroll costs declined 30% to Ft 124 million while “other costs” nearly tripled to Ft 376 million.

Operating costs fell 43% to Ft 99 million.

TvNetWork had total assets of Ft 4.73 billion on June 30, 2008, 29pc more than twelve months earlier. Net assets climbed 75% to Ft 3.02 billion. (MTI – Econews)