Romania's iHunt swings to prelim net loss in 2023

The loss is largely due to unfavourable currency exchange rates during 2023, the company said in an unaudited financial report filed with the Bucharest Stock Exchange.

iHunt's turnover fell by 15.6% last year to 43.22 million lei due to the company’s ongoing campaign of optimising its portfolio of 3G technology products at discounted prices. The company's efforts to introduce new business lines such as its electric vehicle charging solutions division, iHunt EV, also significantly affected the company's overall annual result.

Operating revenues decreased by 15.6% to 43.25 million lei in 2023, with 97% of the total came from selling iHunt products made in China.

Total yearly expenses declined by 5.2% to 45.1 million lei, of which the cost of goods amounted to 33.7 million lei, down 6.2% on the year.

iHunt's total assets decreased by 27.3% year-on-year to 41.3 million lei in 2023, while its total debt narrowed by 40.3% to 21.2 million lei, a 40.3% decline in annual terms.

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's shares traded 6.76% lower at 0.524 lei as at 1019 CET on Wednesday on the Bucharest bourse.

(1 euro=4.9686 lei)