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Crisis tax to "significantly reduce" ELMŰ, ÉMÁSZ profits

Hungarian electricity distributors ELMŰ and ÉMÁSz, jointly owned by Germany's EnBW and RWE, on Wednesday said a planned extraordinary tax on energy suppliers was expected to "significantly reduce" after-tax profit.

MPs of governing Fidesz submitted a bill to Parliament at the weekend that would levy a crisis tax on energy suppliers in 2010-2011.

Both ELMŰ and ÉMÁSz are majority owned by RWE of Germany. EnBW Energie Baden-Württemberg holds 27% of the shares of both companies and Hungarian state-owned electricity works MVM holds a stake over 10%.

ELMŰ and ÉMÁSz are traded in category 'B' of the Budapest Stock Exchange. (MTI-Econews)