PannErgy posts consolidated net earnings of HUF 118 mln in Q1

A geothermic power station. Adobe RGB

Hungarian geothermal-energy company PannErgy had consolidated net earnings of HUF 118 mln in the first quarter of this year in spite of a decrease in the selling price of thermal energy and high electricity prices, state news agency MTI reported.

. Earnings were up HUF 116 mln from profits of HUF 2 mln from the previous year, the companyʼs consolidated IFRS preliminary report shows. Consolidated revenue amounted to HUF 886 mln, up 9% from the base in spite of a more than 20% cut in centrally regulated prices in Miskolc, northeastern Hungary, which took effect from October 1, 2014.

Sales of thermal energy from the Miskolc geothermal project were up, generating revenue of HUF 700 mln, an increase of 11% from last year. Direct cost of sales rose to HUF 615 mln from HUF 502 mln.

Operating profit (EBIT) came to HUF 131 mln, up HUF 2 mln from a year earlier. Financial profit amounted to HUF 50 mln, up HUF 157 mln year-on-year. PannErgy is an Equities Prime-category issuer on the Budapest Stock Exchange.

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