Electricity distributors ELMŰ, ÉMÁSz show declining profit
The profits of Hungarian electricity distributors ELMŰ and ÉMÁSz declined during the first three quarters of 2013, consolidated interim management reports of the companies published on Friday showed.
ELMŰ had after-tax profit of HUF 7.2 billion in the first three quarters of 2013, down year-on-year from HUF 26.9 billion. Its revenue of HUF 168.6 billion was up 3.1% y.o.y. The company paid energy taxes of HUF 633 million in the first three quarters of 2013, up y.o.y. from HUF 288 million.
A 10% utility price cut for households, mandated by law from the start of the year, and low demand from the household segment due to the economic crisis weighed on revenue and results, the company commented.
ÉMÁSz reported after-tax profit of HUF 3.6 billion in the first three quarters, down y.o.y. from HUF 8.6 billion. Revenue increased 1.9% to HUF 67.1 billion. The company paid energy taxes of HUF 226 million in the first three quarters of 2013, up y.o.y. from HUF 99 million.
ELMŰ, which is the electricity distributor for Budapest, and ÉMÁSz, which is the electricity distributor for the north of Hungary, are Standard-category issuers at the Budapest Stock Exchange. Germany-based RWE-EnBW owns a majority stake in both ELMŰ and ÉMÁSz, while the state-owned Hungarian Electricity Works (MVM) holds minority stakes in the companies.
ADVERTISEMENT
Tender for Home Solar Panel, Battery Subsidies Announced
Gov't Keeps Rate on General-purpose Student Loans at 7.99%
BorgWarner Investing HUF 25 bln in Oroszlány
Budapest Police Seize Nearly 155 kg of Cocaine in Drug Bust
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
