Opus Global 2017 after-tax profit reaches HUF 6 bln

Telco

After-tax profit of listed holding company Opus Global reached HUF 6.0 billion last year, improving over a HUF 0.9 bln loss in 2016, an earnings report released late Wednesday shows. Total revenues tripled from HUF 15.8 bln to HUF 46.4 bln.

Operating costs climbed to HUF 40.2 bln, up from HUF 16.6 bln. Material costs increased from HUF 8.7 bln to HUF 22.6 bln, while payroll costs rose from HUF 4.6 bln to HUF 12.3 bln, national news agency MTI reported.

Opus had total assets of HUF 48.2 bln at the end of last year, up 27% from twelve months earlier. Net assets jumped 110% to HUF 15.1 bln. Long-term liabilities fell 12.5% to HUF 18.9 bln, and included HUF 6.2 bln of corporate bonds.

The balance sheet showed fixed assets of HUF 27.7 bln and included property, plants and equipment worth HUF 11.8 bln and intangible assets of HUF 5.8 bln.

"Investor confidence experienced over the past year faithfully reflects the companyʼs current fundamentals and the growth potential ahead of us," the management said in the report. "The company starts the financial year of 2018 with a stable balance sheet and excellent organic acquisition and growth prospects."

Opus noted that a series of capital raises it announced in February would lift net assets by a further HUF 110-120 bln.

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