Magyar Telekom results for the second quarter and first half of 2022
Budapest, August 9, 2022 17:30
Magyar Telekom today reported its consolidated financial results for the second quarter and first half of 2022, in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU. The quarterly financial report contains unaudited figures for each reporting periods.
Total revenue increased by 10.9% year-on-year to HUF 184.2 billion in Q2 2022 and by 9.6% year-on-year to HUF 360.1 billion in the first six months of 2022. Improvement was primarily driven by the strong growth in mobile data and higher equipment sales whilst weakening of the Hungarian forint against the North Macedonian denar amplified the North Macedonian subsidiary's contribution.
Mobile revenue rose by 12.2% year-on-year to HUF 104.8 billion in Q2 2022, driven by growth in mobile data revenue and higher equipment sales which offset lower voice revenue at both countries of operation.
Fixed line revenue increased by 7.7% year-on-year, to HUF 59.3 billion in Q2 2022 thanks primarily to increases in fixed broadband and TV revenues driven by the customer base expansion at the Hungarian operation.
System Integration (SI) and IT ( SI/IT') revenues increased by 13.8% to HUF 20.1 billion in Q2 2022 primarily thanks to revenue from a major project in North Macedonia related to the Smart City Skopje initiatives. SI/IT revenues in Hungary were moderately up year-on-year as the negative impact of the absence of revenues formerly generated by healthcare business unit including Pan-Inform LLC were offset by favorable in-year project distribution.
Direct costs increased, in line with revenues by 13.0% year-on-year to HUF 78.7 billion in Q2 2022, mainly driven by increase in SI/IT related expenses and higher equipment costs.
Interconnect costs decreased by 7.3% year-on-year to HUF 5.8 billion in Q2 2022, reflecting lower payments at the Hungarian operation to domestic mobile operators in relation to lower SMS traffic as well as decline in voice related outpayments.
SI/IT service-related costs increased by 17.0% year-on-year to HUF 14.9 billion in Q2 2022, driven by increased project volumes in both countries of operation.
Bad debt expenses remained broadly stable year-on-year, amounting to HUF 2.0 billion in Q2 2022, reflecting similar tendencies compared to a year earlier.
Telecom tax declined by 3.7% year-on-year to HUF 6.6 billion in Q2 2022, driven by lower fixed and mobile voice traffic at the Hungarian operation.
Other direct costs were up 18.0% year-on-year to HUF 49.6 billion in Q2 2022, driven by higher equipment costs parallel to the increase in sales volumes and an increase in roaming outpayments driven by the easing of travel limitations compared to a year earlier.
Gross profit improved by 9.3% year-on-year to HUF 105.5 billion in Q2 2022, thanks to a higher contribution from telecommunication services, particularly data, at both countries of operation.
Indirect costs rose by HUF 10.4 billion year-on-year, to HUF 47.6 billion in Q2 2022, primarily reflecting the booking of the newly introduced supplementary telecommunication tax that offset savings in both employee-related and other operating expenses.
Employee-related expenses were down by 8.2% year-on-year, amounting to HUF 18.8 billion in Q2 2022, reflecting lower severance expenses, different timing of bonus provisions, while the impact of the general wage increase was broadly offset by the reduction in headcount.
Supplementary telecommunication tax, imposed by the Government of Hungary with its decree issued on June 4, is levied on the actual business year's annual net sales of electronic telecommunication services as defined by the law on local taxes and is payable for the full years 2022 and 2023. As a consequence, a HUF 12.4 billion expense was booked in Q2 2022, in relation to the first six months 2022 supplementary tax charge.
Other operating expenses (excluding the supplementary telecommunication tax) improved moderately year-on-year to HUF 17.0 billion in Q2 2022, as negative impact of cost pressure stemming from high general inflation and weakening of the forint and reflected primarily at subcontractor costs, as well the higher energy costs in North Macedonia were offset by the combined impact of lower marketing expenses in both countries of operation due to different within-year seasonality and a one-off accrual reversal in Hungary.
Other operating income was broadly stable year-on-year, amounting to HUF 0.7 billion in Q2 2022.
EBITDA declined by 2.3% year-on-year to HUF 57.9 billion in Q2 2022 as the improvement in gross profit was offset by the booking of the supplementary telecommunication tax. EBITDA AL was down by 3.5% year-on-year to HUF 51.4 billion in Q2 2022, with the above drivers coupled with higher IFRS 16 lease liability related depreciation and interest expenses in line with the increasing volume of the related lease liabilities.
Depreciation and amortization ( D&A') expenses declined by 4.0% year-on-year to HUF 35.2 billion in Q2 2022, driven by lower depreciation expenses at the Hungarian operation attributable to full copper network retirement in some areas of Hungary and the proportionally lower amortization of the spectrum licenses that expired in April 2022 and were reacquired earlier. These declines were partly offset by some increase in North Macedonia due to shortened useful life and accelerated depreciation in relation to RAN modernization.
Profit for the period decreased from HUF 14.5 billion in Q2 2021 to HUF 11.7 billion in Q2 2022, as increasing financial expenses were weighing on the broadly stable operating profit.
Net financial result deteriorated from a loss of HUF 4.0 billion in Q2 2021 to a loss of HUF 6.5 billion in Q2 2022. Interest expense increa
Europe Stories
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
09/10/2026
September 10 2026, 06:00 (PDT) Dolby Expands Dolby OptiView Platform with New Capabilities at IBC 2026
New Sports Intelligence helps providers better unders...
07/10/2026
Dalet, a leading technology and service provider for media-rich organizations, today announced the latest Long-Term Supported (LTS) release of Dalet Flex. Build...
02/10/2026
v1.9.3 introduces AUv3 support
Roland have just released an update that kits their free iPad-based software synth out with AUv3 support, meaning it can now ...
02/10/2026
Dolby Atmos support, AI-powered stem separation & more
The latest version of MOTU's DAW software is now available, and marks a major step forward with t...
02/10/2026
Portable DAC created in collaboration with Steve Levine
British hi-fi experts iFi audio have unveiled a new Master Tuned variant of their praised iDSD GR2 p...
02/10/2026
In our latest blog, Tim Pearson looks at streaming piracy from a different lens, focusing on digital trust, consumer risk, and the future of subscriber protecti...
02/10/2026
Friday 2 October 2026
Crystal Lake, a Friday the 13th' prequel series, com...
02/10/2026
Friday 2 October 2026
Sky VIP helps families celebrate the Christmas season wit...
02/10/2026
How the fertility sector in Ireland remains unregulated
Undercover filming reveals how without proper regulation the promotion of controversial fertility treat...
02/10/2026
Transforming Homes, Transforming Lives
Presenter Baz Ashmawy and his team take on four life-changing builds across Kildare, Limerick, Wicklow and Offaly in the...
01/10/2026
Third collaboration with celebrated composer
Spitfire Audio have once again teamed up with Grammy-nominated composer, producer and technologist BT, creating...
01/10/2026
FL Studio gets dedicated grid controller
Novation have teamed up with FL Studio developers Image-Line to create another dedicated controller for the popular...
01/10/2026
Six new USB interfaces introduced
Universal Audio's USB audio interface line-up has just been refreshed, gaining six new models aimed at musicians, prod...
01/10/2026
Siretta's SNYPER-5G cellular network analyser has been shortlisted for the IoT Global Awards 2026.
The IoT Global Awards recognise products, services and o...
01/10/2026
Mesh Broadcast Services Fits Big-Truck Audio Power into Compact Eclipse Unit with Calrec Argo M Canadian OB company Mesh Broadcast Services has fitted its Eclip...
01/10/2026
X-Rite Pantone Launches Spectura to Advance Connected Color Quality from Lab to ...
01/10/2026
Thursday 1 October 2026
Nominees revealed for 2026 Sky Arts Awards
Current slide, 0 0, undefined1
0
Irish National Opera and Jennifer Walshe: MARS
Jacob Al...
01/10/2026
Vital TV antenna replaced at SudburyHelicopter and broadcast engineers work together to upgrade TV services for 1.5M in the East
--
Share to Linkedin
Octobe...
01/10/2026
Arqiva appoints Simon Duffy as ChairSimon Duffy joins as Chair effective 01 October 2026
--
Share to Linkedin
October 1, 2026
Press Office
01 October 2026...
01/10/2026
Season 4 of the multi-award-winning hit entertainment series The 2 Johnnies Late Night Lock In is back, serving up another round of unpredictable laughs, unforg...
01/10/2026
New season begins Sunday, 4 October at 6pm on RT lyric fm and RT Listen
RT lyric fm's arts and culture documentary series The Lyric Feature returns on S...
01/10/2026
RT is proud to continue its commitment to supporting and celebrating the arts across Ireland this October, highlighting a vibrant programme of theatre, music, ...
30/09/2026
Add an envelope generator to any plug-in
Sync Audio's latest creation is a handy utility plug-in that can be used to combine and modulate other effects ...
30/09/2026
All-analogue tape-style drive joins Series A
Strymon's reputation was built on their digital knowhow, so many were surprised (and intrigued) when they a...
30/09/2026
Two new expansion packs released
Sonuscore have just introduced two new expansion packs for The Pulse, its production engine instrument for modern cinematic...
30/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({...
30/09/2026
New Solution Expands Harmonic's Network Intelligence Portfolio and Brings Comcast-Developed Fiber Monitoring Technology to Broadband Operators, Providing Re...
30/09/2026
How to Shop Well Now starts Monday at 9.35pm
on RT One and RT Player
On the...
29/09/2026
Two new plug-ins launch alongside updated bundles
Zynaptiq have just announced the launch of two new plug-ins, alongside new and improved versions of two of...
29/09/2026
All-in-one bus processor revealed
Wes Audio's ng product range has come a long way since it was first introduced, and now includes a tasty selection of ...
29/09/2026
eds3_5_jq(document).ready(function($) { $(#eds_sliderM519).chameleonSlider_2_1({ content_source:......
29/09/2026
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN, OR AT ANY ADDRESS IN, THE UNITED STATES OF AMERICA, ITS TERRITO...
29/09/2026
We tend to think we live in a digital world, with hopes and fears around artificial intelligence (AI), quantum computing, data centres and the next big technolo...
29/09/2026
Today, in partnership with the American Academy of Pediatrics (AAP), Apple relea...
29/09/2026
Final Cut Camera, the professional filming app for iPhone, receives a major upda...
29/09/2026
RT lyric fm is proud to announce the annual Choirs for Christmas competition callout. Warm up those vocal chords and join us on RT lyric fm for a celebration ...
28/09/2026
EQ plug-in can now be played via MIDI
Scaler Music have recently released a new and improved version of their patented musical EQ plug-in, kitting it out wi...
28/09/2026
New synth developed in collaboration with philterSoup
Boutique effects pedal and Eurorack manufacturer Animal Factory Amps have announced that the new compa...
28/09/2026
Rohde & Schwarz adds an integrated multi-channel pulse analysis option to its FS...
28/09/2026
Monday 28 September 2026
Sky launches Full Fibre 1.6 Gbps for millions of homes
Sky has launched a new Full Fibre 1.6 Gbps product, rolling out from today, gi...
28/09/2026
Arvato Systems Highlights It's Role for Automotive Manufacturers and Suppliers
TISAX
Arvato Systems has successfully completed the TISAX Level 3 assess...
28/09/2026
Crimecall, presented by Carla O'Brien, returns tonight for a brand new series at 9.35pm on RT One and RT Player.
In tonight's episode, alongside appe...
28/09/2026
CELEBRATING 40 YEARS AT THE HEART OF NEW IRISH WRITING
LIVE FROM POETRY IRELAND, DUBLIN AND ON RT RADIO 1 FROM 7PM
DETAILS: www.rte.ie/writing | FOLLOW: #r...
27/09/2026
New compact pedal packs in 120 effects
The latest multi-effects pedal from Boss is a compact unit that promises to give any pedalboard a massive boost in s...
26/09/2026
Launched alongside three new expansion packs
In celebration of their 30th anniversary, Native Instruments have released a major update for their Maschine 3 ...
25/09/2026
Algorithm update & new DVA vibrato-detection engine
A new flagship version of Antares' iconic pitch-correction software has arrived, and along with a co...
25/09/2026
New flagship unit to arrive in early 2027
Two notes Audio Engineering have revealed that a new and improved version of their hugely popular reactive load bo...
25/09/2026
AI-free mixing tool gets an upgrade
Launched in October 2025, Tim Exiles Finalist is an algorithmic mixing tool that's been designed for those who don&#...
Magyar Telekom results for the second quarter and first half of 2022 
