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MVM sees revenue climbing over HUF 600bn target in 2011

The state-owned Hungarian Electricity Works (MVM) expects to close 2011 with revenue over the HUF 600bn targeted in its business plan, chairman-CEO Csaba Baji said in an interview published in Tuesday’s issue of daily Magyar Nemzet.

Last year, MVM had consolidated revenue of HUF 577.5bn.

Mr Baji said profit was expected to reach HUF 60bn this year, also over the target in the business plan. Earnings of the Paks Nuclear Power Plant as well as transmission system operator Mavir made a big contribution to the strong profit, he added.

MVM expects to save HUF 5bn at group level this year because of renegotiated contracts, Mr Baji told the paper.

MVM is undergoing a restructuring to create a new type of organisation, based on business divisions, he added.

MVM aims to become a big player on Hungary’s gas market, but it does not wish to sell directly to consumers, neither on the gas nor the electricity markets, he said.

MVM plans to expand in Southeastern Europe and has an eye open to possible investments, he added.