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K&H Group Q1 group profit slides 37%

K&H Group's first-quarter after-tax profit fell 37% to HUF 5.9 billion from the same period a year earlier, mainly because of a big increase in risk reserves, CEO Marko Voljc said at a press conference.

K&H Group's risk reserves grew by HUF 10.6 billion in Q1, based on IFRS, Voljc said. In the same period a year earlier, provisions fell by HUF 700 million, he added.

Operating profit, before provisions, increased 33% to HUF 19.1 billion. (MTI – Econews)