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E.ON Hungária H1 revenue less than expected as sales drop because of crisis

E.ON Hungária's revenue was less than expected in the first half of the year as gas and electricity sales fell because of the crisis, István Kutas, PR director for the Hungarian unit of German utilities giant E.ON told MTI on Wednesday.

E.ON Hungária's parent on Wednesday said its adjusted after-tax profit rose 4% to €3.46 billion, beating analysts' expectations.

E.ON Hungária's gas trade unit E.On Földgáz Trade racked up significant losses in the first half because of the weakening of the forint at the beginning of the year, Kutas said.

E.ON Hungaria only publishes annual figures. In 2008, the company had consolidated revenue of €2.56 billion, up 11.8% from the previous year. Net assets inched up 2.7% to €1.28 billion.

E.ON Földgáz Trade's revenue climbed 20.8% to HUF 947.4 billion. It had a loss of HUF 12.6 billion, compared to pre-tax profit of HUF 60 billion in 2007.

E.ON Hungária's gas storage business generated after-tax profit of HUF 13.8 billion in 2008, down from HUF 17.8 billion in 2007. Revenue in the segment dropped 12.8% to HUF 43.9 billion.

E.ON Hungária spent HUF 47 billion on network developments in 2008. The company is currently expanding its gas storage facility and building a power plant in Northwest Hungary at a cost of more than €400 million apiece. (MTI-Econews)