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Alteo releases H1 earnings, announces planned bond issue

First-half consolidated after-tax profit of listed alternative energy firm Alteo Nyrt. rose 37% year-on-year to HUF 483 million, lifted by higher revenue, shows an earnings report released before market opening Monday, state news agency MTI reported.

Revenues rose 38% to HUF 12.14 billion. Operating profit jumped 96% to HUF 1.13 bln, but a big financial loss weighed on the bottom line, MTI noted. Earnings per share came to HUF 28 for the period.

In a separate statement released on Monday, Alteo said it plans to issue up to HUF 9.3 bln of corporate bonds within the framework of the Bond Funding for Growth Scheme (BGS) of the National Bank of Hungary (MNB). Alteo plans to use around 90% of the proceeds from the issue to refinance its existing loans.

Alteo is listed in the Equities Prime section of the Budapest Stock Exchange (BÉT).