PannErgy Q1 loss triples on financial losses, indirect costs

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Geothermal energy company PannErgy's first-quarter net loss widened to HUF 299 million from HUF 99 million in the same period a year earlier on bigger financial losses and indirect costs, the company's consolidated IFRS report published Wednesday shows. Revenue rose 11.4% to HUF 196 million. Direct cost of sales climbed at practically the same pace to HUF 174 million, but indirect costs jumped 42.5% to HUF 171 million, causing operating losses to grow to HUF 122 million from HUF 67 million. The bottom line was hit further by a HUF 150 million financial loss, compared to a loss of just HUF 18 million in the base period. PannErgy attributed the loss to the forint's weakening against the euro, interest rate differences and a sharp drop in the value of shares of IT company Synergon. PannErgy parted with its 12.5% stake in Synergon in March. PannErgy had total assets of HUF 15.5 billion on March 31, up 15.3% from twelve months earlier. Net assets fell 4.1% to HUF 10.3 billion.

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