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PannErgy losses narrow as revenue grows

Telco

Hungarian geothermal energy company PannErgy had a first-half net loss of HUF 165 mln, narrowing about two-thirds from the same period a year earlier, Hungarian news agency MTI reports.

Sales revenue was three-and-a-half times higher at HUF 1.27 bln. Direct cost of sales rose at a slower pace to give the company a gross margin of HUF 390 mln. But HUF 443 mln of indirect sales costs and a HUF 161 mln financial loss weighed on the bottom line.

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