Hungary’s Danubius Hotels posted pre-tax profit of EUR 5.6m in the third quarter of 2008, down 45pc from EUR 10.3m in the third quarter of 2007, the company revealed in its unaudited, consolidated IFRS report on Monday evening.
Danubius Hotels reported that it generated net sales revenue of EUR 58.2m in the third quarter of 2008, up 1.75pc yr/yr from EUR 57.2m in the third quarter of 2007. Revenue from accommodations, excluding catering revenue, dropped 5pc yr/yr to HUF 6.89bn (EUR 25.84m) in the third quarter of 2008, the company said.
Danubius Hotels said that it sustained financial losses of EUR 3.1m in the third quarter of 2008, compared to financial losses of EUR 1.9m in the third quarter of 2007, an increase that the company attributed to the forint’s depreciation against the euro during the period, which produced a significant FX loss on monetary assets and liabilities.
The company reported that it generated operating profit of EUR 8.8m in the third quarter of 2008, down 28pc from EUR 12.1m in the third quarter of 2007. The report noted that Danubius Hotels’ Hungarian segment recorded operating profit of EUR 4.3m in the third quarter of 2008, down 41pc yr/yr from EUR 7.3m in the third quarter of 2007. Danubius said that the company’s Czech segment sustained a 29pc yr/yr decline in forint-term operating profit and its Slovak segment an 8pc yr/yr forint-term decline in operating profit in the third quarter of 2008, while its Romanian segment had posted a 22pc increase in forint-term operating profit during the period.
Danubius Hotels said that it had EBITDA of EUR 13.6m in the third quarter of 2008, down 19pc yr/yr from EUR 16.8m in the third quarter of 2007.
The company reported that it had recorded net sales revenue of EUR 144.9m in the first three quarters of 2008, up slightly from EUR 144.2m in the first three quarters of 2007.
Danubius Hotels said that it posted operating profit of EUR 6.2m in the first three quarters of 2008, down 60pc yr/yr from EUR 15.4m in the first three quarters of 2007.
The company reported that it generated pre-tax profit of EUR 8.4m in the first three quarters of 2008, down 34pc yr/yr from EUR 12.8m in the first three quarters of 2007.
Danubius Hotels noted that the company’s Q1-Q3 figures include the one-off sales of Hotel Esztergom for HUF 286m (EUR 1.07m), the Lover Sportcentre for HUF 208m (EUR 779,991) and the Kastelykert Kft. for HUF 121m (EUR 453,745).