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E-Star Alternative 2011 revenue more than doubles on acquisition

Hungarian energy service company E-Star Alternative's revenue more than doubled to €69.5 million in 2011, lifted by the acquisition of Polish peer EETEK, the company's consolidated IFRS report for the period published on Thursday shows.

Revenue rose from €28.7 million in 2010.

E-Star Alternative's net profit fell to €1.3 million from €5.3 million, partly on €2.6 million in acquisition-related costs, the company said in the report.

E-Star Alternative had total assets of €116.0 million on December 31, 2011, up from €62.7 million twelve months earlier. Net assets rose to €22.7 million from €14.3 million.