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Higher sales volume, narrower financial loss lift PannErgy profit

Higher sales volume and a smaller financial loss boosted listed alternative energy company Pannergyʼs first-half after-tax net income to HUF 591 million, up from HUF 29 mln in the base period, an earnings report released after market closing on Tuesday shows.

Revenue of the company - which is listed in the Equities Prime category of the Budapest Stock Exchange (BÉT) - rose 30% to HUF 3.12 billion as colder temperatures lifted heat sales, state news agency MTI reported.

Direct costs of sales meanwhile increased just 19% to HUF 2.21 bln, raising gross profit 70% to HUF 907 mln.

A HUF 162 mln financial loss, just over one-third of the HUF 439 mln loss in the base period, also lifted the bottom line.

PannErgyʼs earnings per share came to HUF 33 for the period.