Frozen food firm Fevita has reported a 70.9% plummet in H1 post-tax profits to HUF35m (US$0.13m) in its HAS consolidated report.
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Meanwhile, H1 operating profits fell 53.17% to HUF89m, and pre-tax profits were also down 70.9% year on year to HUF43m after the company incurred financial losses of HUF43m.
Total sales revenue for the H1 period fell 7.89% to HUF1.939bn, with domestic sales down 9.7% to HUF1.483bn.
According to Econews, the company also reported off-balance-sheet financial liabilities of HUF1.54bn and €2.6m (US$2.54m) in the form of mortgages, future revenue assigned to repay bank loans and collateral for export loans.
Fevita’s report includes Mirelit Kulkereskedelmi, in which Fevita holds a 26.7% stake and which has registered capital of HUF262m. Fevita has registered capital of HUF993m.
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By GlobalData
