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Alteo Profit up 315% y.o.y.

Green Energy

The after-tax profit of listed alternative energy company Alteo rose 315% year-on-year to HUF 4.9 billion in January-September, according to a presentation of non-audited data published on the website of the Budapest Stock Exchange.

Revenue increased 24% to HUF 29.05 bln, and material costs fell 3% to HUF 15.67 bln, lifting operating profit 169% to HUF 6.68 bln.

Alteo said the substantial increase in revenue was primarily the result of rising energy market prices while material costs fell as revenue growth in the heat and electricity generation segment was realized in activities with non-significant material costs.

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