Units hit by crisis, Phylaxia books HUF 645m loss in H1

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Hungarian holding company Phylaxia 1912 had a net loss of HUF 645 million in the first half, swelling from an HUF 8 million loss in the same period a year earlier as its units were hit by the economic downturn, the company's consolidated IFRS report published late Wednesday shows.

Earnings per share came to negative HUF 14.7 for the period.

Phylaxia said in the report that members in the holding again suffered the effects of contractions or stagnation in sectors of Hungary's economy. It said falling investments, weak demand caused by shrinking purchasing power and cost cuts at companies and institutions took a toll on its units.

Revenue fell 71.7% to HUF 587 million in H1 from the same period a year earlier. Total operating costs dropped just 51.2% to HUF 623 million, showing a narrowing margin.

Phylaxia booked a HUF 37 million loss at operating level, compared to HUF 799 million of profit in the base period.

The bottom line was hit further by a HUF 605 million financial loss, albeit an improvement from a HUF 790 million financial loss in the H1 2010.

Phylaxia had total assets of HUF 7.88 billion on June 30, 2011, down 12.8% from twelve months earlier. Net assets dropped 11.6% to HUF 5.92 billion.

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