Alteo Revenue Down 26% in Q1

Green Energy

Revenue of listed alternative energy company Alteo fell 26% year-on-year to HUF 26.7 billion in the first quarter, an investor presentation released on the Budapest Stock Exchange on Tuesday showed.

Material expenses fell at a slower pace by 23% to HUF 18.4 bln. Personnel expenses were up 36% at HUF 2.2 bln.

The company said the decrease in revenue was mainly due to the significantly lower energy market price environment in the Heat and Electricity Production segment. The decline was somewhat offset by higher revenues in the retail segment due to a considerably larger electricity portfolio and higher wind turbine revenues. Falling energy market prices also impacted material expenses.

Operating profit slipped 51% to HUF 3.4 bln and consolidated net profit was down 54% at HUF 2.6 bln.

Hungarian oil and gas company MOL with two local private equity funds owns a 73.79% stake in Alteo.

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