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Higher revenue, improved margins lift Alteo profit

Higher sales revenue and wider margins boosted listed alternative energy company Alteoʼs first-half net income 120% year-on-year to HUF 1.06 billion, state news wire MTI reports, citing an earnings report released late Monday.

Revenue rose 33% to HUF 16.16 bln, outpacing the increase in material costs which increased 30% to HUF 10.94 bln.

Alteo said turnover was lifted by an expansion in the retail electricity and gas segments, higher sales in the heat and electricity generation segments, and completed investments and acquisitions.

Basic earnings per share came to HUF 57 for the period.