Hungarian Electricity Works net profit up 58.7% in 2012

Telco

State-owned Hungarian Electricity Works (MVM) had net profit of HUF 73 billion last year, up 58.7% from 2011, MVM Chairman-CEO Csaba Baji announced on Thursday. MVM had revenue of HUF 768 billion, up 18.52%. The MVM chairman-CEO noted that the company's strong 2012 financial results stemmed partially from one-off factors, such as HUF 12 billion in European Union-authorized coal-industry transformation support. MVM shareholders decided at the company's Wednesday AGM to pay HUF 10 billion, or HUF 400 per share, in dividends on 2012 profits.

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