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Genesis Mining racks up HUF 556m loss in H1 as business shift continues

Genesis Mining booked a HUF 556 million loss in the first half because of higher general and administrative costs as it shifted focus from energy to mining.

The company had a HUF 611 million loss in H1 2010.

Formerly called Genesis Energy, the company announced it March that it sold its solar panel manufacturing and technology units as well as solar panel construction know-how for €15 million and would focus on mining activities in the future.

Sales revenue came to just HUF 11m for the period, but Genesis Mining booked HUF 464 million on the "other revenue" line. "Other expenditures" came to HUF 909 million.

Genesis Energy had total assets of HUF 23.6 billion on June 30, down 2.3% from the end of 2010. Net assets, at HUF 22.6 billion, were practically level with total assets