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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.

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