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Alteo net earnings more than double in first quarter

Telco

Hungarian energy supplier and trader Alteo ended the first quarter of this year with net earnings of HUF 62.549 mln, more than double the HUF 24.141 mln it posted a year ago, the companyʼs consolidated IFRS earnings report shows, state news agency MTI reported. 

Revenue rose 6% to HUF 1.779 bln, while pre-tax profit climbed 26% to HUF 52.695 mln. EBITDA came to HUF 318 mln, down 6% from the previous year.  Alteo announced earlier this month that it had acquired Sinergy from the ELMŰ-ÉMÁSZ group. Excluding the one-off expenditures related to the acquisition, EBITDA would have increased 13%, the company said in a statement.

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