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Alteo earnings rose to HUF 5.9 bln last year

Green Energy

Net income of listed alternative energy company Alteo rose by a factor of close to 10 to HUF 5.9 billion last year from HUF 600 million in the base period, according to an earnings report released on the website of the Budapest Stock Exchange yesterday.

The bottom line was lifted by higher turnover, boosted by rising energy prices, and wider margins.

Revenue rose 34% to HUF 44.2 bln. Material costs climbed at just one-third that pace, increasing 11% to HUF 25.6 bln, raising operating profit 249% to HUF 8.9 bln.

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