Vodafone Hungary Records HUF 7.4 Billion Loss

  • 5 Sep 2022 5:06 PM
  • Hungary Around the Clock
Vodafone Hungary Records HUF 7.4 Billion Loss
Vodafone Hungary suffered a Ft 7.4 billion loss in its fiscal year ending on March 31, after being Ft 1.3 billion in the red in the previous year, the subsidiary of the UK telecom company reported.

It was announced on August 22 that 4iG and the Hungarian government will buy Vodafone Hungary from its UK parent company for €1.8 billion.

Although sales revenue grew, other revenues dropped, while costs increased, reducing operating profit by almost 40% to Ft 4.3 billion. Financial losses also rose.

Revenues increased by 1.7% to Ft 289 billion. Within this, income from fixed-line and mobile services went up by 6% to Ft 220 billion, while export revenues jumped up by 59% to Ft 6.2 billion, as limitations on roaming fees imposed during the pandemic were lifted.

Other revenues dropped by 19% to Ft 36 billion.

Sales of phones and accessories generated Ft 27 billion in revenues, expanding by nearly 9%.

Material costs rose by 0.3% to Ft 183 billion, while personnel costs increased by 1.4% to Ft 27 billion.

Other expenses rose by 19% to Ft 35 billion, in which the largest item was the Ft 16 billion telecom tax.

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