(23 000 HUF, -1,69%) reported HUF 2.76bn consolidated net profit for 3Q07/06 (versus HUF 1.22bn in 2Q07/06 and HUF 4.37bn in 3Q06/05), 3.9% below market consensus (source: portfolio.hu, 4 analysts polled) and 21.5% below our expectation of HUF 3.52bn. The difference from the consensus is higher for the non-consolidated net profit reported for 3Q07/06, which is more widely used on the market despite the large consolidation difference (17.2% in this quarter), which came at HUF 2.36bn (versus HUF 1.56bn in 2Q07/06 and HUF 4.0bn in 3Q06/05), 10.4% below market consensus (source: portfolio.hu, 12 analysts polled) and 23.3% below our expectation of HUF 3.07bn. We would expect negative market reaction due to higher than expected pressure on gross and EBIT margins, despite the better-than expected top-line performance of the company. Moreover, we believe full-year consensus will likely see some downgrades as first nine months consolidated net profit stands HUF 5.65bn at 65.7% of the full-year consensus on Bloomberg of HUF 8.6bn (mix of consolidated and non-consolidated estimates) and 63.5% of our full-year forecast of HUF 8.9bn.