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11th April, 2019

Opus annual report reveals huge profit

Opus realised a Ft 24.8 billion consolidated after tax profit in 2018, up by 320% from one year earlier, the company owned by Lorinc Meszaros announced on the stock exchange website late on Tuesday.

Operating revenues increased by 17% to Ft 54.1 billion.

Due to repeated capital increases last year, net capital grew from Ft 14.9 billion to more than Ft 280 billion.

Consolidated total assets ballooned from Ft 48.1 billion to Ft 576.7 billion.

According to estimates, the upcoming absorption of Konzum will increase Opus’s capitalisation to Ft 350-400 billion and its net capital to Ft 320 billion. (napi.hu; portfolio.hu; hvg.hu; index.hu; 444.hu; magyarnemzet.hu)
11th April, 2019

Matrai Eromu opens solar farm

Lignite power plant Matrai Eromu officially opened its Ft 5.4 billion solar farm on Wednesday, completing a construction project that began last September.

Bukkabranyi Fotovoltaikus Eromu Projekt, the fully owned subsidiary of the power plant, has a 22.6MW photovoltaic capacity, the largest in Hungary.

The power plant financed the project from its own resources and a loan from Granit Bank.

The solar farm is situated on the 32-hectare area of a former mine waste dump in Bukkabrany. (portfolio.hu)
11th April, 2019

Tremmel buys Vajna’s Est Media stake

Zoltan Tremmel, a business associate of the late Andy Vajna, has acquired the movie producer’s 5% stake in Est Media, it was announced on Wednesday.

Tremmel acquired the stake indirectly with his purchase of Dynamopest from AV Investments, the holding company owned by Vajna until his death in January.

Tremmel is on the board of directors of Las Vegas Casino, a company also formerly owned by Vajna, and has several positions in the IKO group closely linked to TV2, the television channel that used to be controlled by Vajna.

According to the agenda of the April 30 Est Media AGM, all board members - Peter Kovacs, Jana Farago and Gyorgy Bencze - will be withdrawn. No names of suggested new board members were released.

Est Media will be renamed but the new name has not been indicated.

Est Media realised a Ft 4.2 billion net profit last year on revenues of Ft 4.8 billion, which will be put into capital reserves to increase the net capital from a negative number to Ft 34 million.

The share price of Est Media started to rise on Wednesday after the announcement. (napi.hu; portfolio.hu; nepszava.hu; index.hu; hvg.hu)
11th April, 2019

Vajna’s widow gets CEO post

Timea Vajna, the widow of Andy Vajna, has become a co-CEO of his asset management company AV Investments from March 1, with a monthly salary of €12,500, news site G7 learned from the company registry.

The other two CEOs are Andrea Kovacs and Samuel Russell Falconello.

Vajna may sign official documents only jointly with Falconello. (g7.hu; napi.hu; hvg.hu; index.hu; 444.hu; nepszava.hu)
11th April, 2019

Sanofi workers stage warning strike

Some 40% of the 2,000 Sanofi employees in Hungary joined the two-hour warning strike during 1-3 p.m. on Tuesday, the chemical industry union VDSZ said.

The union stressed that the strikers were disciplined and followed the strike law.

Representatives of the union and the pharmaceutical company have resumed negotiations.

VDSZ does not accept the 3% wage hike offered by Chinoin and demands a Ft 30,000 monthly wage increase for each worker.

Sanofi employs 2,000 workers in Hungary at three Chinoin units and at its own distribution storage facility. (portfolio.hu; hvg.hu; nepszava.hu)
11th April, 2019

Cargill Hungary CEO steps down

Chairman and CEO Szabolcs Makai has left the Hungarian subsidiary of US agricultural giant Cargill, agricultural news website Agrarszektor reports.

Makai joined the company in 2000 and became the chairman and CEO of Cargill Magyarorszag in 2014.

No information is available yet about his successor. (agrarszektor.hu)
11th April, 2019

Tesco’s revenues fall in Hungary

The Hungarian subsidiary of UK retail chain Tesco reported revenue of Ft 574 billion for its business year ending on February 28, a 0.5% drop from Ft 577 billion a year earlier, the company announced on Wednesday.

Tesco revenues fell further in neighbouring countries, down by nearly 10% in Poland, 2% in Slovakia, and 1% at the Czech subsidiary.

On the other hand, revenues of the Tesco group as a whole rose by 11.5% from Ł51 billion to Ł56.9 billion.

Tesco realised a Ł2.2 billion operating profit, excluding one-off items, up by 34% from Ł1.6 billion in the previous year.

The combined profit of East European subsidiaries, excluding one-off items, was up by 56% to Ł186 million, as the retailer discontinued less profitable activities. Tesco closed 62 units in Poland. (napi.hu; index.hu; origo.hu)

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