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iHunt Technology (HUNT), online retailer and mobile phone manufacturer, achieved a net turnover of 8.7 million lei in the first quarter of the year, 17.7% below that of the first three months of last year, in while the net profit decreased by 9.4%, to 0.04 million lei, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).
"In the first three months of 2024, iHunt's activity was characterized by strategic adaptations at the product level, with an emphasis on technological innovations and infrastructure improvements so that the company's offer meets current and future customer requirements," the report states.
According to the company, at the level of demand, there is a global trend of consumers choosing to extend the replacement cycle of purchased devices. Operating expenses amounted to 8.3 million lei, 14.2% below those of the first quarter of last year, expenses on goods, which represent three quarters of the total, having a decrease of 19.8%, to almost 6.2 million lei.
"The reduction in expenses reflects, on the one hand, the decrease in sales activity, but also the company's adaptation to this context by adjusting expenses and optimizing processes in order to maintain a financial balance," according to the report.
The operating result amounted to 0.47 million lei, with 52.5% below that of the first three months of last year, a gain that was eroded by a loss from financial activities, which is rightly lower than that in the interval January-March 2023.
The company points out that it has started multiple projects, and the launch of new products suggests significant potential for growth in the near future. "It is expected that these initiatives will deliver positive results that will tilt the slope of financial performance upwards starting from the first semester of 2024," the report states.
At the end of last year, founder Cezar Stroe had 52% of the online retailer and mobile phone manufacturer.
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