Hungary Trends – The week in business and finance

Budapest, August 7 (MTI) – See below MTI’s main business and financial news from the previous week:

MOL Q2 PROFIT RISES 45 PC, LIFTED BY LOWER TAX

MOL reported a 45 percent rise of net income to 83.5 billion forints (EUR 268m) as corporate tax costs fell on the one-off impact of a transition to International Financial Reporting Standards. Revenue fell by 19 percent to 918.4 billion forints. Costs fell by 20 percent to 814.6 billion forints. Earnings per share came to 908 forints.

Hungary’s MOL bought AGIP petrol stations in Hungary

MAGYAR TELEKOM SALES, PROFIT DROP IN Q2

Magyar Telekom’s Q2 net income fell 14.3 percent to 11.59 billion forints from one year earlier. Revenue fell by 6.5 percent to 148.1 billion forints and EBITDA decreased by 2 percent to 51.15 billion forints. CEO Christopher Mattheisen attributed the revenue drop to the company’s exit of the retail energy market and a temporary drop in Hungary’s use of European Union development funds.

INDUSTRY OUTPUT DOWN 0.3 pc IN YEAR TO JUNE – FIRST READING

Hungary’s industrial output dropped by an annual 0.3 percent according to both unadjusted and calendar-adjusted figures in June after rising by an unadjusted 9.4 percent and a calendar-adjusted 4.4 percent in May. The drop came from a high base, and was widespread among branches. Output fell a seasonally and calendar-adjusted 2.4 percent from May. Read more HERE.

EC WILL NOT START INFRINGEMENT PROCEDURE BECAUSE OF CENTRALISED TOBACCO SUPPLIER

The European Commission (EC) will not start an infringement procedure because of the National Tobacco Supply Company (ODBE) holding an exclusive concession to supply Hungary’s tobacco shops, said János Lázár, the minister heading the Prime Minister’s Office, confirming MTI’s sources. Read more HERE.

RÁBA POSTS RISING REVENUE, EBITDA, FALLING OPERATING PROFIT IN Q2

Hungarian automotive industry company Rába had revenue of 10.93 billion forints in the second quarter of 2016, up 3.1 percent from a year earlier, as EBITDA rose by 17.6 percent to 1.08 billion forints and operating profit dropped by 26.1 percent to 550 million forints, Rába’s IFRS consolidated preliminary report showed.

DEVELOPMENT MINISTER TO OVERSEE POSTAL AFFAIRS, NATIONAL FINANCIAL SERVICES

The government has transferred responsibilities for coordinating government activities regarding the oversight of postal affairs and the state-owned Hungarian Development Bank (MFB) to the national development minister from the minister of the Prime Minister’s office from July 30, through amendments to a government decree and a recent resolution.

RICHTER SIGNS LICENSING AGREEMENT FOR MARKETING CARIPRAZINE

Richter and Recordati announced the signing of an exclusive license agreement to commercialize cariprazine, an antipsychotic, in western Europe, Algeria, Tunisia and Turkey, Richter said in a statement on the Budapest Stock Exchange.

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GVH CLEARS MEDIAWORKS’ ACQUISITION OF PANNON LAPOK

Hungary’s economic competition office GVH gave approval for Mediaworks Hungary to acquire direct sole control over publisher Pannon Lapok Tarsasaga Kiadoi after Hungary’s National Media and Infocommunications Authority (NMHH) also gave its preliminary approval for the acquisition.

AUTHORITY DENIES RENEWED LICENSE FOR CLASS FM, PLANS TO TENDER FREQUENCY

The Media Council of Hungary’s National Media and Infocommunications Authority (NMHH) has refused the request of national commercial radio Class FM to renew its licence and said the authority will hold a new tender for the frequency.

HUNGARY PMI RISES TO 53.9 IN JULY

Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) rose to 53.9 points in July from 50.9 points in June, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim) said.

Source: MTI