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Financial loss nudges Alteo into red in Q1

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Hungarian energy supplier and trader Alteo finished the first quarter just under the break-even mark as financial losses pushed the company into the red. Revenue climbed 14% to HUF 2.02 billion, Alteo's consolidated IFRS report published late Tuesday shows. Gross profit rose 8% to HUF 387 million and EBITDA was up 44% at 370 million. But financial losses swelled to HUF 265 million from HUF 33 million in the base period to give Alteo a HUF 13 million net loss. The company had net profit of HUF 168 million in Q1 2012. Alteo had total assets of HUF 9.0 billion on March 31, up 6% from the end of 2012. Net assets edged down a little less than 1% to HUF 1.88 billion.

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