Duna House reports profit jumps 60% in Q1

by   CIJ iDesk I
2020-06-02   12:14

Duna House reported its after-tax profit increased by 60 percent y-o-y to HUF 265m in the first quarter of this year. Net sales jumped 34 percent to HUF 2.46bn, while the Hungarian real estate broker’s operating profit grew 36 percent in the three-month period to HUF 306m. The company’s commissions volume in Hungary dropped 15 percent to HUF 1.89bn, but its commissions volume in Poland increased 36 percent to HUF 509m. However, Duna House is expecting its Q2 results to be impacted by the coronavirus, noting in its most recent earning report that real estate deals fell nearly 70 percent in the first half of April. “The management is optimistic that the economic crisis will strengthen the role of intermediaries in both the real estate and the loan markets, thereby strengthening the demand for the groupʼs services in Hungary and in the region,” Duna House wrote in its earning report. SimplyWall.st reported recently that the company's market capitalization is HUF 10bn with owners including Medasev Int. (Cyprus) Ltd (with a 79 percent stake), AEGON Hungary Investment Fund Management Company and OTP Fund Management Ltd. The public holds roughly 12 percent of the company's shares.