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MVM revenues up 28.7% in 2017

The state-owned Hungarian Electricity Works (MVM) recorded HUF 1.33 trillion net consolidated revenues last year, up 28.7% compared to 2016, business daily Világgazdaság reported on Monday.   

Hungarian National Asset Management Inc. (MNV), which exercises management rights over MVM, has proposed paying out HUF 7.5 bln in dividends on last yearʼs performance, complementing the HUF 3.9 bln after-tax profit from its free profit reserves.

Meanwhile, the tax burden of the company has shrunk from HUF 14.5 bln to HUF 11 bln, noted Világgazdaság. 

Non-consolidated pre-tax profit of MVM was HUF 25.4 bln in 2017, down HUF 10.6 bln year-on-year.

The group shed around HUF 36.4 bln of long-term liabilities last year, but the outstanding amount still stands at HUF 129.3 bln. Its biggest creditor is the Bank of China, which was owed HUF 68.8 bln at the end of December.

Within the production and technical services division of MVM, the Paks Nuclear Power Plant continues to generate the most, with consolidated revenue of HUF 170.1 bln. Mavir, the Hungarian transmission system operator, realized HUF 117.8 bln in revenue.

Világgazdaság notes that revenue of the commercial division was approximately four times that of production-related activity.