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E-Star Alternative Q3 revenue jumps on EETEK acquisition

Hungarian energy service company E-Star Alternative’s third-quarter revenue climbed 120% to €48.2m from the same period a year earlier, lifted by its acquisition of Polish peer EETEK, the company’s consolidated IFRS report for the period published late Friday shows.

Cost of sales rose 123% to €31.9m during the period. Gross margin was up 115% at €16.3m.

Operating costs shot up to €11.1m in Q3 from €2.3m in the base period, reducing operating profit to €1.6m from €4.6m.

A €5.0m financial profit - compared to a €554,000 financial loss in the base period - lifted net income by 67% to €5.4m.

E-Star had total assets of €120.4m on September 30, up 92% from the end of 2010. Net assets climbed 152% to €36.1m.

E-Star issued new guidance after it published the report, projecting EBITDA of €7m on revenue of €71.6m for the full year. E-Star lowered EBITDA and revenue from €12.3m and €97.5m, respectively, in its business plan because of the weaker forint and a lack of financing necessary to complete projects in Romania before the start of the heating season.