Company reports $8.5 mil in losses for six-month period
The Hungarian Broadcasting Corp. (HBCO) on Wednesday reported flat second-quarter earnings and equally unimpressive revenues for the first half of the year, due to considerable losses.
Earnings for the second quarter, ended June 30, mirrored 1997 second-quarter results, remaining at $1.1 million. Second-quarter comprehensive losses dipped to $6 million and include $3.3 million in one-time charges for expenses related to the acquisition of companies, the sale of a subsidiary and costs of securities issuance.
Revenues for the six months ended June 30 rose slightly to $1.8 million compared with $1.7 million in 1997. The company reported $8.5 million in losses for the period.
HBCO is a satellite-to-cable television broadcaster and media services company with four stations in Central and Eastern Europe with current total viewership of 13 million viewers. The operator plans to launch Nickelodeon and MTV programming on its two Hungarian stations between now and November.