Romania's iHunt swings to loss in Jan-Sept

The company’s turnover fell by an annual 20.4% to 29.9 million lei in January-September due to changes in market demand, influenced strongly by general economic situation worldwide, iHunt said in an unaudited financial report filed with the Bucharest Stock Exchange.

Total revenues decreased by 21.5% on the year to 30.4 million lei during January-September. During the first nine months of the year, 97% of the company's revenues came from the sale of iHunt products made in China and marketed in Romania, iHunt said.

Total expenses decreased 11.7% on the year to 28.8 million lei in the nine months through September, of which goods expenses constituted 22.8 million lei, down by an annual 13.1%.

The company’s total assets decreased to 48.3 million lei at end-September from 56.8 million lei at end-2022. Total debts amounted to 27.7 million lei, down by 21.8% since the end of 2022.

In 2022, iHunt booked a net profit of 4.5 million lei, down 39.3% on the year, according to the company's annual financial report.

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 shares traded 6.54% lower at 0.3 lei as at 1009 CET on Friday on the Bucharest bourse.

(1 euro=4.97045 lei)