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Romania's iHunt net profit jumps 42% y/y in H1

Romania's iHunt net profit jumps 42% y/y in H1

BUCHAREST (Romania), August 18 (SeeNews) – Romanian online retailer and smartphone producer iHunt [BSE:HUNT] said on Wednesday that its net profit jumped by an annual 41.9% to 2.67 million lei ($638,600/ 542,300 euro) in the first half of 2021.

Turnover rose by an annual 40% to 20.6 million lei, iHunt said in a statement filed with the Bucharest Stock Exchange, BVB.

Expenses grew 36% on the year to 17.23 million lei in the first six months of 2021.

iHunt owed 25 million lei in long and short-term debt at the end of June, up compared to 7.07 million lei at the end of June 2020, according to the statement.

"Pricing, a careful and well-controlled management of stocks, as well as a correct forecast of sales on the background of an offer continuously connected to the market dynamics were the elements that generated and sustained the results of the reporting period," iHunt founder and CEO Cezar Stroe said. "The underlying challenge behind the results comes from the company's management's aspiration to maintain, on the one hand, the accelerated growth of the business through scaling and consolidation on the market - specific to growth-type companies and, at the same time, from the high levels of profitability expected by iHunt shareholders."

In February, iHunt listed a 7 million lei corporate bond issue on the Multilateral Trading System (MTS) of the BVB.

iHunt Technology Import Export started its activity in 2015 as a direct importer of mobile phones and accessories from China, with two employees. The company sells the products both through its online store and through over 200 physical stores.

Cezar Stroe holds 63.82% of the company's shares.

In July 2019, the company was listed on the AeRO market within the BVB’s MTS. Currently, iHunt has a 108.6 million lei market capitalisation.

Its shares traded 11.36% lower at 1.3650 lei as at 1244 CET on Wednesday.

(1 euro=4.9259 lei)