Alteo said earnings were down partly due to decreasing interest income due to the lower interest rate environment and partly due to higher depreciation because of a larger asset portfolio.
Revenue climbed 7% to HUF 105.6 billion because of the performance of the renewable segment of the company and in the retail segment due to the larger electricity portfolio, Alteo said.
Material costs rose at a higher pace, by 9%, to HUF 69.7 bln and personal costs were up 37% at HUF 10.8 bln.
Consequently, operating income was down 7% at HUF 14.1 bln.
The investment arm of the Hungarian oil and gas company MOL and two private equity funds hold 73.79% of Alteo’s shares.
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