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Financial gain lifts PannErgy Q1 income

Geothermal energy company PannErgy's Q1 net income jumped to HUF 185 million from HUF 20 million in the same period a year earlier on the back of a big financial gain, the company's consolidated IFRS report shows.

Sales revenue was up 13.3% at HUF 4 billion, but direct cost of sales rose at a faster rate, climbing 19.1% to HUF 3.13 billion and causing gross margin to edge down 3.7% to HUF 866 million.

Indirect cost of sales of HUF 756 million and "other expenditure" of HUF 58 million ate up gross margin, leaving PannErgy with operating profit of HUF 88 million. But the company's bottom line was lifted by a HUF 119 million financial gain, compared to a HUF 91 million financial loss in the base period.

Earnings per share rose to HUF 10 from HUF 1.

PannErgy had total assets of HUF 20.2 billion on March 31, 2011, up 8.3% from twelve months earlier. Net assets were practically flat at HUF 10.66 billion. Long-term liabilities were up 7.4% at HUF 2.13 billion.