HATC SAMPLE EDITION:
|
|
2nd September, 2010
ASZ slams MNV's practices in audit
The State Audit Office (ASZ) found basic shortcomings in the legal regulation and decision-making of state asset manager MNV, which led to the loss of billions of forints of taxpayer’s money, according to the annual audit released yesterday.
The findings will be given to the Prosecutor's Office, who will decide whether to launch criminal proceedings.
Some decisions by the Finance Ministry, which oversees the MNV, were not in the interests of the state, said ASZ deputy director Tihamer Warvasovszky. Decisions in asset management questions were not transparent, which led to losses, he added.
The state lost Ft 1.3 billion in the land swap agreement linked to the failed Sukoro casino project and at least Ft 3.5 billion in the sale of the Hungarian trade office in Moscow, ASZ director Pal Becker told a press conference.
The ASZ also found that the sales of the MTV and Magyar Posta headquarters were disadvantageous to the state. The report came down hard on the relocation of MAV and MVM to new office buildings, which in their view led to unnecessary spending, as the old headquarters were not sold.
The ASZ discovered irregularities in the MNV’s procurement of the IT system for the unified asset registry system in 2008.
The MNV operated without an approved medium-term asset management strategy, the report highlighted.
In its audit of the budget, the ASZ said there were serious accounting problems at three of the 52 budget chapters, including the Procurement Council, the Agriculture Ministry and the Centre against Organised Crime.
|
2nd September, 2010
State issues emergency funds to Malev
State-owned Malev airlines has received an emergency Ft 5.7 billion loan from the government in the last few days to pay back Ft 3 billion owed to International Lease Finance Corp. (ILFC), according to a report in the weekly Figyelo.
ILFC, from which Malev leases some aircraft, issued an ultimatum to the airline and threatened to take back its planes, as Malev was unable to service its debt on time.
If Malev is short of cash at this time of the year, immediately after the peak season, then, there is a question of what will happen later in the off season, when revenue falls along with passenger traffic, Figyelo writes.
|
2nd September, 2010
Mixed results for Phylaxia subsidiaries
Holding company Phylaxia incurred consolidated losses of Ft 9 million in the first half, according to results released yesterday. Operating profits rose to Ft 800 million.
The financial results of LPG distributor KEG were not included in the consolidated report, as Phylaxia reduced its stake in the company to 10%. This was positive, as KEG posted heavy losses, Napi Gazdasag notes.
Phylaxia subsidiaries had a mixed half. Its construction and real estate arms posted profits, while the veterinary drug and its animal feeding units incurred losses.
|
2nd September, 2010
Humet announces profitable H1
Humet generated sales of Ft 375 million in the first six months, down from Ft 1.2 billion a year earlier, the company reported yesterday.
However, Humet reported a Ft 284 million profit, after a Ft 125 million loss last year.
The significantly lower revenues this year are attributed to the spinning off of chemical company Reanal and the reshuffling of the US subsidiaries, Napi Gazdasag writes.
The revaluation of assets and liabilities due to currency fluctuations boosted financial profits by Ft 272 million.
|
2nd September, 2010
TvNetWork boosts profits by offloading
TvNetWork reported a net profit of Ft 476 million in the first half on Ft 1.4 billion revenue, according to the unconsolidated financial results calculated under Hungarian accounting rules.
In the same period of last year, TvNetWork reported Ft 1.5 billion in revenue but a loss of Ft 276 million.
Revenues in the first half were boosted by the sale of the company’s cable television network and broadband internet unit, as TvNetWork plans to have its shares delisted later this year.
|
2nd September, 2010
NordTelekom in the black
Internet service provider and telecom company NordTelekom yesterday reported a first-half net profit of Ft 19.4 million on revenue of Ft 142 million. Revenues were four and half times higher than in the same period of 2009. Profits were boosted by a one-off Ft 21.8 million item.
|
2nd September, 2010
BSE trading volume down in August
Trading was thin on the Budapest Stock Exchange (BSE) last month, as total turnover fell to Ft 718 billion from Ft 815 billion in July.
Traders expect higher volume this month as investor activity probably hit bottom in August, Napi Gazdasag writes.
Among brokerages, Erste registered the largest turnover, of Ft 158 billion, followed by Concorde and Polish newcomer Ipopema.
|
|
|
|
Contact