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MKB Bank profit reaches HUF 8.5b in Q1

HUNGARY

BUDAPEST: MKB Bank had HUF 8.5 billion after-tax profit in the first quarter of the year, the bank said in a statement yesterday, according to Hungarian news agency MTI. In 2016 MKB had HUF 9.5 bln net profit during the whole year. In Q1 2017 interest income was up 27% compared to the same period a year earlier. Income from ... Read More »

Eisberg Hungary turns out 130 tonnes of lettuce

HUNGARY

BUDAPEST: Eisberg Hungary produces 130 tons of salad products a week and exports almost half of it, chiefly to fast food chain McDonald’s in Austria and other European units, according to a press release sent to the Budapest Business Journal. Almost 10% of the produced salad products are delivered to the Hungarian units of McDonald’s. Eisberg Hungary says that due ... Read More »

Hungary auto industry may reach record output in 2017: Minister 

HUNGATY

BUDAPEST: The value of Hungary’s auto industry output came to a record 7,874 billion forints (EUR 25.5bn) last year, and German carmaker Audi’s latest investments could further boost output, Péter Szijjártó, the foreign affairs and trade minister, said at Audi Hungaria’s plant in Győr, in north-western Hungary, on Tuesday. Speaking at a joint press conference with the minister, Audi Hungaria’s ... Read More »

Erste boosts corporate loans, benefitting from end of FGS

HUMNGART

BUDAPEST: Erste Bankʼs volume of new corporate loans grew HUF 30 billion or 50% year-on-year in the first four months of 2017, the bank told Hungarian news agency MTI in a statement. Ersteʼs total volume of corporate loans stood at HUF 380 bln at the end of April, said Richárd Szabados, head of the bankʼs corporate division. Erste controls around ... Read More »

Hungary’s tax office renounced of hundreds of million euros last year

HUNGARY

BUDAPEST: National Tax and Customs (NAV) has renounced of more than two and a half billion euros of demand last year because of the “expected negative return”, as it is written in the tax office’s year book of 2016. 57 percent of this sum is late refund and penalty, and almost 35 percent is VAT demand. This sum is four ... Read More »

Mapei launches HUF 2.4b expansion at Hungary plant

HUNGARY

BUDAPEST: The Hungarian unit of Italian building materials maker Mapei launched a HUF 2.4 billion capacity-expanding investment at its plant in Sóskút (30 kilometers southwest of Budapest) on Wednesday, according to Hungarian news agency MTI. A new production line will double production capacity to 110,000 tons and storage space will also double to 15,000 square meters, Mapei said. It will ... Read More »

Hungary raises advertisement tax to overcome state aid issues

HUNGARY

BUDAPEST: The Hungarian parliament has approved an increase in the advertisement tax rate from 5.3 percent to 7.5 percent while appearing to overcome illegal state aid objections of the European Commission and continuing to shield smaller media companies from the tax. The bill, which the Hungarian parliament approved May 16, maintains a 100 million forint ($360,000) revenue threshold at which ... Read More »

MFB signs EUR 79m credit pact with Chinese peer

HUJGARY

BUDAPEST: The state-owned Hungarian Development Bank (MFB) and the China Development Bank (CDB) signed an international credit agreement valued at EUR 79 million on the sidelines of the One Belt, One Road forum in Beijing, according to a press statement sent to the Budapest Business Journal on Monday. Under the agreement signed by the two banks, MFB will lend the ... Read More »

Hungarian parliament amends advertisement tax law

HUNGAT

BUDAPEST: Parliament on Tuesday passed a law amendment setting the rate of advertisement tax at 7.5 percent from the second half of 2017. The levy will apply to companies with revenue exceeding a net amount of 100 million forints (EUR 320,000) from July 1, 2017. The bill submitted by the economy minister was passed with 117 votes in favour and ... Read More »

ThyssenKrupp starts work on HUF 11b plant

HUJGAY

BUDAPEST: German automotive parts manufacturer ThyssenKrupp today launched a HUF 11 billion greenfield investment in Hungary’s second city of Debrecen, according to a press statement sent to the Budapest Business Journal. Once finished, the 18,000 sqm factory will be turning out springs and stabilizers for the automotive industry. ThyssenKrupp expects to start production next year, with a turnout of more ... Read More »

March industrial output increase revised upward to 13.4%

HUNGARY

BUDAPEST: Hungary’s industrial output rose by an annual 13.4 percent in March, the Central Statistical Office (KSH) said in the second reading of data on Friday. The increase was revised upward from 12.8 percent in the first reading. KSH attributed the revision to the correction of a single big data provider’s error. Adjusted for the number of working days during ... Read More »

AmCham Hungary calls for customs feedback

HUNGARY

BUDAPEST: The American Chamber of Commerce in Hungary (AmCham), through its Investment Policy Task Force, has partnered with the Hungarian Association of Customs Affairs (MVSZ) to review the experience of exporting dual-use goods through Hungarian export control. Dual-use items are goods or technologies that are designed and used for civilian applications, but might also have military functions; as such, the ... Read More »

MOL Q1 earnings up 28% as inventories rise

HUNGARY

BUDAPEST: Hungarian oil and gas company MOL?s first-quarter net income rose 28% to HUF 93.9 billion from the corresponding period a year earlier, lifted by a big increase in inventories, an earnings report released early today shows, according to state news agency MTI. After-tax profit climbed 36% to HUF 93.6 bln, well over the HUF 73.6 bln estimate by analysts ... Read More »

Erste Group books Q1 net income of EUR 27.8m in Hungary

HUNGAAAF

BUDAPEST: The Austrian Erste Group booked first-quarter net income of EUR 27.8 million at its business in Hungary, after making a small loss in the base period, an earnings report released today shows, as reported by Hungarian news agency MTI. Earnings were lifted by the lower bank levy and a release of provisions Erste Bank Hungary paid EUR 23.6 mln ... Read More »

Growth creating conditions for tax cuts in Hungary

HUNGARY

BUDAPEST: From 2013 onward economic growth in Hungary has outstripped the average rate in the European Union and this is expected to remain the case this year and next, creating the conditions for tax cuts and higher spending, an economy ministry official said on Wednesday. Péter Benő Banai, deputy state secretary for budgetary affairs, said all this was possible in ... Read More »

National Life achieves record OMR101m gross written premium income

HUNGARY

BUDAPEST: National Life & General Insurance Company has achieved a record gross written premium (GWP) of OMR101.20 million for financial year 2016, making it the largest composite insurer in the country. “We are pleased to report this important milestone along with solid growth and profitability through the year 2016.The faith reposed in us by our customers has enabled us to ... Read More »

Budapest transport workers to receive average 15% wage hike

HUNGART

BUDAPEST: Budapest’s public transport company BKV will grant its employees a wage hike of average 15 percent under an agreement reached by the management and trade unions on Friday, Budapest Mayor István Tarlós told a press conference. According to the mayor, basic salaries will be increased by 10 percent, by at least monthly 28,000 forints each. Drivers will be given ... Read More »

INA profitable in Q1, after loss a year ago

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BUDAPEST: Croatian oil and gas company INA, a subsidiary of Hungaryʼs MOL, had net profit of HRK 199 million in the first quarter, an improvement over the HRK 42 mln loss in the same period a year earlier, a quarterly earnings report shows, Hungarian news agency MTI reported. Earnings per share was HRK 19.9 in Q1 2017 compared to a ... Read More »

Mercedes Hungary sees record turnout, sales in 2016

HUNGARY'

BUDAPEST: The Hungarian subsidiary of Mercedes-Benz (Mercedes-Benz Manufacturing Hungary Kft.) has closed a record year seeing EUR 3.4 billion revenues and turning out approximately 190,000 vehicles at the Hungarian plant in Kecskemét, the company announced today during a press conference. Last year the company also performed well in sales, seeing a 38% increase. “The year of 2016 was a year ... Read More »

MNB withdraws licence from Argentum holding

HUNGARY

BUDAPEST: The National Bank of Hungary (MNB) has withdrawn the license of lender and financial leasing service provider Argentum Holding and ordered the company to be wound up, the MNB said on Friday, as reported by Hungarian news agency MTI. The MNB said it withdrew the license of Argentum because, in breach of the law, the company is no longer ... Read More »