Hungarian energy company Alteo's revenue rose more than 400% to HUF 5.66 billion in 2010, but net profit from continuing activities still fell because of negative goodwill booked in the base period, Alteo's consolidated audited report shows.
Alteo's revenue climbed 419% while direct cost of sales rose at a slower rate, increasing 386% to HUF 4.82 billion. Gross profit came to HUF 840 million, up from HUF 100 million in 2009.
Net profit fell 27% to HUF 70 million because of HUF 201 million of negative goodwill booked in the base period. No goodwill was booked in 2010.
Alteo had total assets of HUF 5.52 billion on December 31, 2010, up 65% from twelve months earlier. Net assets rose 51% to HUF 1.55 billion.