Merged cooperatives unlock growth potential
HUF 28 bn profit boosted by revaluation
CIG Pannónia loses HUF 1.2 bn on reinsurance
Foreign expansion, capital raise on the cards
Figures do not disappoint even after closer scrutiny
Management turn more upbeat
Revenue rose 28.2% y/y
2019 guidance remains on hold
Profit expected to jump from low base
EBITDA expected to grow further
Downstream, consumer services make up for upstream slump
IT group posts HUF 1 bn EBITDA, expects further growth.
Revenue growth outpaced operating and risk costs.
But EBITDA still exceeds expectations.
Revenue rose 8.5% to HUF 120 billion.
Analysts forecast 30% lower net profit.