Financial losses pushed Hungarian alternative energy company PannErgy into the red in the first half, the company's consolidated IFRS report shows.
PannErgy had a first-half loss of HUF 111 million, compared to profit of HUF 114 million in the same period a year earlier. Operating profit was up 70% at HUF 284 million, but it booked a HUF 376 million financial loss, about ten times the size of the loss in the base period.
Revenue was up 20% at HUF 7.3 billion. Direct cost of sales rose at a faster clip, climbing 24% to HUF 5.47 billion and caused gross margin to narrow to 25.0% from 27.5%.
Earnings per share came to negative HUF 6, compared to HUF 6 in the same period a year earlier.
PannErgy had total assets of HUF 19.22 billion on June 30, 2010, 10% more than twelve months earlier. Net assets were up 4% at HUF 9.95 billion. (MTI – Econews)