Financial Loss Puts 4iG in Red
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Listed ICT company 4iG booked a HUF 32 billion loss for 2023 as a financial loss weighed, an earnings report released after the closing bell on Thursday shows.
Net sales revenue jumped 114% to HUF 594.4 bln, supported by the acquisition of a controlling stake in Vodafone Magyarország.
4iG closed the acquisition of a 51% stake in Vodafone Magyarország on January 31, 2023. It raised its stake in the telco to 70.5% through a share swap on March 20.
4iG's telecommunications business generated 86pc of revenue and the IT division 14%.
4iG had an operating profit of HUF 22.1 bln, improving from a HUF 0.8 bln operating loss in the base period.
A net financial loss of HUF 46.7 bln turned earnings negative.
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