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Financial losses push PannErgy into red in H1

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)