Alteo H1 Earnings Climb on Higher Revenue
After-tax profit of listed alternative energy company Alteo rose to HUF 8 billion in the first half of the year from HUF 2.8 bln in the same period a year earlier, the company said on Monday, according to a report by state news wire MTI.
Revenue increased 92% to HUF 38 bln, which was outpaced by the doubling of material costs to HUF 22 bln. Operating profit still rose 145% to HUF 9.9 bln as the rate of growth for personal expenses were lower and depreciation costs decreased
Alteo said revenue growth was driven mainly by a sharp rise in electricity prices, increasing capacity and regulatory revenues, and higher heat feed-in tariff.
For electricity production plants selling electricity within the subsidized system, material expenses increased more than the revenue growth, primarily due to the increased costs of scheduling and balancing energy.
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