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Vatera.hu revenue climbs 44%

Hungarian online auction site Vatera.hu had revenue of HUF 1 billion in the first seven months of its business year started April 1, up 44% from the same period a year earlier, managing director Erik Csupor said on the occasion of Vatera.hu's tenth anniversary on Thursday.

Transactions made on the site during the period were worth HUF 17.5 billion, up 43%, Csupor said. Almost 30% more people used the site during the period, he added.

Vatera.hu ploughs back much of its profit into marketing to maintain its high growth rate, Csupor said.

Vatera.hu has 1,348,000 registered users.

Vatera.hu is owned by MIH Allegro, a unit of South African media company Naspers. Vatera.hu was merged into Allegroup.hu together with Naspers' other Hungarian online auction site, Tesz-Vesz, on November 1.

Vatera.hu had revenue of more than HUF 1 billion in 2009. Tesz-Vesz's turnover came to more than HUF 200 million. Together the companies control about 90% of Hungary's online auction market, Econews reported earlier. (MTI-ECONEWS)