Romania's iHunt net profit falls 9% y/y in Q1

iHunt's net turnover decreased by an annual 17.7% in the first quarter of the current year, reaching 8.74 million lei, as the company underwent internal restructuring to prepare itself for a new growth cycle, it said in an interim financial report filed with the Bucharest Stock Exchange.

The company said it is focusing on its new business line, iHunt EV, which involves the retailing and installation of EV charging stations. In the first three months of this year the iHunt EV division has installed 50 charging stations. The company has an end-2024 target of 300 to 500 installed charging stations and plans to increase this number to 1,500 - 2,000 within two years.

Operating revenues tracked the turnover decrease with a 17.7% year-on-year decline to 8.75 million lei in the review period, while operating expenses went down 14.2% to 8.28 million lei.

Total assets amounted to 42.7 million lei at end-March, down from 56.37 million lei a year earlier, while total debt decreased to 22.77 million lei from 35.04 million lei.

In 2023, iHunt swung to a net loss of 1.2 million lei, from a net profit of 4.5 million lei in 2022.

Founded in 2015 as a direct importer of mobile phones and accessories from China, iHunt Technology Import Export sells the products both through its online store and over 200 physical stores.

iHunt's shares traded 0.23% higher at 0.438 lei as at 1232 CET on Monday on the Bucharest bourse.

(1 euro = 4.9767 lei)