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Hungarian companies' pre-tax profit nearly halved in 2008

Hungarian companies that use double-entry accounting had combined pre-tax profit of HUF 2,629.6bn in 2008, just a little more than half that in the previous year, tax office APEH said in a report based on data from corporate tax returns.

Combined operating profit of the companies jumped 39.1%, but the growth was not enough to offset net financial and extraordinary losses of more than HUF 3,328 billion, APEH deputy head Hajnalka Mogyorósi said at a press conference presenting the report on Wednesday. Losses at big companies grew four-fold and losses at micro-businesses and mid-size businesses doubled in 2008. Losses at small companies were up about 30%. (MTI-Econews)