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ELMŰ, ÉMÁSZ profits drop on falling revenue, crisis tax

First-quarter profits of Hungarian electricity distributors ELMŰ and ÉMÁSZ, both majority-owned by Germany's RWE-EnBW, fell as revenue dropped and a "crisis tax" on energy companies bit into the bottom line, the companies' consolidated IFRS reports published Friday show.

ELMŰ, the electricity distributor for the capital, had after-tax profit of HUF 3.95 million in Q1, down 24.6% from the same period a year earlier. Revenue fell 3.4% to HUF 64.11 billion. Material costs fell at a slightly faster rate, dropping 3.9% to HUF 53.22 billion, but "other operating expenditures" were up 31.1% at HUF 2.97 billion.

ELMŰ said the crisis tax cost it HUF 728 million in Q1.

ELMŰ sold 1,443,505 MWh of electricity in Q1, down 7.7% from the same period a year earlier. Sales to households edged down 0.8% to 859,094 MWh but non-retail sales plunged 16.3% to 584,411 MWh.

ELMŰ had total assets of 203.67 billion on March 31, 2011, down 0.8% from the end of 2010. Net assets rose 3.2% to HUF 127.1 billion during the period.

ÉMÁSZ, the electricity distributor for the north of Hungary, had after-tax profit of HUF 2.53 billion in Q1, down 45.1% from the same period a year earlier. Revenue was down 5.8% at 23.70 billion. Material costs fell at a slower rate, dropping 3.1% to HUF 18.95 billion. The other operating expenditures line showed HUF 1.34 billion, up a sharp 54.4% from the base period.

ÉMÁSZ said the crisis tax cost it HUF 345 million in Q1.

ÉMÁSZ sold 529,980 MWh of electricity in Q1, down 6.3% from the same period a year earlier. Sales to households fell 1.5% to 356,303 MWh and sales to businesses were down 14.8% at 173,677.

ÉMÁSZ had total assets of 96.34 billion on March 31, 2011, down 2.5% from the end of 2010. Net assets were up 4.1% at HUF 64.67 billion.