PannErgy losses decrease on rising revenue

Telco

Hungarian geothermal energy company PannErgy saw after-tax losses narrowing to HUF 96 mln in Q4 last year from HUF 249 mln during the same period a year earlier, due to revenues rising 11.8% to HUF 732 mln, the firm's consolidated, unaudited IFRS report published yesterday reveals.

According to the report, direct cost of sales was HUF 603 mln, up from the previous year’s HUF 546 mln. The company saw after-tax losses of HUF 457 mln for the whole year, also sharply down from the previous year’s loss of HUF 840 mln.

The company’s direct sales costs in 2014 came to HUF 1.7 bln, up from HUF 1.106 bln, and other costs to HUF 778 mln, down from HUF 935 mln from the previous year.

Annual sales jumped 78.9% to HUF 2.29 bln from HUF 1.28 bln in 2013 as the company's Miskolc (eastern Hungary) geothermal project started generating heat in the fourth quarter.

ADVERTISEMENT

Business confidence improves as consumer sentiment worsens Analysis

Business confidence improves as consumer sentiment worsens

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.