First-quarter profits of Hungarian electricity distributors ELMŰ and ÉMÁSz fell from a year earlier as revenue declined, the companies’ consolidated IFRS reports published late Friday showed. ELMŰ, the electricity distributor for the city of Budapest, had after-tax profit of HUF 1.06 billion in Q1 of 2013, almost 60% down from HUF 2.61 billion a year ago. Revenue fell to HUF 57.14 billion from HUF 58.17 billion during the period. ELMŰ’s electricity sales rose 13.9% to 1.21MWh. ÉMÁSz, the electricity distributor for the north of Hungary, had after-tax profit of HUF 341 million, down from HUF 436 million a year ago on revenue of 22.38 billion, down from HUF 22.52 billion. ÉMÁSz’s electricity sales rose 13.2% to 481,239MWh. The companies issued profit warnings in January, after the government ordered a 10% cut for retail electricity, gas and district heating prices. Last year, ELMŰ and ÉMÁSz had a combined consolidated pre-tax profit of HUF 28.7 billion, down from HUF 38.79 billion in 2011, from a combined net sales revenue of HUF 303.6 billion which fell from HUF 331.9 billion in 2011. ELMŰ and ÉMÁSz are majority owned by Germany’s RWE-EnBW while the state-owned Hungarian Electricity Works (MVM) holds minority stakes in the companies.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
