Hungarian wineries are profitable

Winemakers in Hungary generated total revenue of 101.16 billion forints (EUR 330m) last year, which was a slight drop from 101.77 billion forints in 2015 but the number of companies fell, so the average revenue increased and fewer of them were loss-making, business daily Világgazdaság said on Wednesday.

Figures received by the paper from the company information database Opten show that 878 businesses were involved in making wine from grapes in Hungary last year and average 80 percent of them submitted an annual report. Average revenue was 140.3 million forints last year as against 130.6 million forints in the year before and 40 percent of the companies said they were loss-making.

Nearly 70 percent of Hungarian winemakers reported turnover of under 100 million forints last year and only 19 companies said they had made more than 1 billion forints.

The paper said that similarly to Hungarian breweries, there are relatively few medium-sized wine cellars. Besides many family businesses, the sector is ruled by a few “giants” that maintain a lead in technological development and in the volume of production.

Source: MTI/vg.hu