The most interesting business and finance news from Hungary – 8th week, 2018
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See below main business and financial news from the previous week:
UPDATE – YEARS OF DELAY IS EXPECTED IN THE RENOVATION OF THE CHAIN BRIDGE
Despite previous estimations, the Tunnel, the Chain Bridge and Clark Ádám Square will not be renovated at the same time. Although in the proposal of the general assembly in April, they emphasised the practical side of realising the three projects simultaneously, now it seems that there will be some years of delay. Therefore, if everything goes according to the recent plan, a traffic closure can be expected in the area for the following 6 years. Here is why.
MOL Q4 NET INCOME CLIMBS 76 PC ON HIGHER REVENUE, NARROWER FINANCIAL LOSS
Hungarian oil and gas company’s fourth-quarter net income rose by an annual 76 percent to 76.6 billion forints (EUR 245m), lifted by higher revenue and a smaller financial loss, an earnings report showed. Revenue climbed 14 percent to 1,125.1 billion forints. Operating profit was up by 7 percent at 61.8 billion forints.
MTEL Q4 PROFIT PLUNGES ON HIGHER COSTS, BASE PERIOD TAX REBATE
Magyar Telekom’s fourth-quarter after-tax profit dropped 75 percent year-on-year to 5.2 billion forints (EUR 16.6m), hit by higher costs and a tax rebate in the base period, an earnings report showed. Revenue rose by 6 percent to 161.4 billion forints, but direct cost of sales jumped by 15 percent to 72.1 billion forints, leaving gross profit practically flat at 89.3 billion forints.
AUDI TO SET UP HUF 6.2 BN R+D CENTRE IN HUNGARY
The local unit of German carmaker Audi announced plans to set up a 6.2 billion forint (EUR 19.8m) research and development centre at its base in Győr (NW Hungary). Thirty development engineers will work at the R+D centre, focusing on both electric motors and internal combustion engines. Audi is marking a quarter of a century in Hungary this year. Read more HERE.
REHAU TO BUILD EUR 150 M PLANT NEAR DAIMLER BASE IN HUNGARY
REHAU, a Swiss maker of polymer products with German roots, announced plans to build a 150 million euro car parts plant in Ujhartyan (C Hungary) to fill orders for Daimler’s expanding base in nearby Kecskemét. The 63,000sqm plant will make bumpers and other exterior components. Construction will start in March and finish in April of next year. Read more HERE.