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Alteo profits plunge in H1 as revenue drops, margins narrow

Hungarian energy company Alteo's first-half profits plunged to just over the break-even mark from the same period a year earlier as revenue fell and margins narrowed, Alteo's consolidated IFRS report published late Wednesday shows.

Net profit fell to HUF 3 million in H1 from HUF 283 million in the same period a year earlier.

Revenue was down 10% at HUF 2.63 billion. Direct cost of sales fell at a slower rate, dropping just 5% to HUF 2.23billion. Gross profit declined 31p% to HUF 406 million.

Alteo had total assets of HUF 4.94 billion on June 30, down about 11% from the end of 2010. Net assets edged up 1% to HUF 1.56 billion. Long-term liabilities dropped 3% to HUF 2.01 billion