PannErgy after tax loss up in Q2
Hungarian geothermal-energy company on Wednesday posted a HUF 187 mln after-tax loss from the second quarter, after an after-tax loss of HUF 155 mln a year ago, Hungarian news agency MTI reported last week. Direct cost of sales diminished 0.8% to HUF 372 mln.
Operating loss (EBIT) narrowed to HUF 19 mln from a loss of HUF 68 mln a year earlier. Financial loss grew to HUF 163 mln from a minus HUF 54 mln a year ago. Sales revenue fell to HUF 440 mln, 3.5% down from HUF 456 in Q2 2014, the companyʼs consolidated, un-audited results according to IFRS showed on Wednesday. Previously, in the first quarter, PannErgy had consolidated net earnings of HUF 118 mln, sharply up from HUF 2 mln a year earlier. Consolidated revenue amounted to HUF 886 mln, up 9% from Q1 2014,
Last year, the company had after-tax losses of HUF 457 mln, down from a loss of HUF 840 mln in 2013. Sales jumped 78.9% to HUF 2.29 bln from HUF 1.28 bln in 2013 as the companyʼs Mickolc geothermal project started to provide heating in the fourth quarter of last year. PannErgy is a Premium-category issuer at the Budapest Stock Exchange.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.