PannErgy financial losses put company in red in Q1-Q3

Telco

Geothermal energy company PannErgy’s revenue rose in Q1-Q3 from the same period a year earlier, but it booked a HUF 266m loss as financial losses almost doubled, the company’s consolidated IFRS report published late Friday shows.

PannErgy broke even in Q1-Q3 2010.

Revenue climbed 17.3% to HUF 12.97bn in Q1-Q3 from the same period a year earlier. Direct cost of sales rose 19.6% to HUF 9.95bn, causing gross margin to narrow to 23.3%.

Indirect cost of sales rose at a slower rate than revenue, lifting operating profit 34.9% to HUF 634m, but an HUF 802m financial loss wiped out profits to put the company in the red.

PannErgy had total assets of HUF 22.3bn on September 30, 2011, up 17.2% from twelve months earlier. Net assets were up 4.3% at HUF 10.47bn.

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