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RFV 2009 profit jumps as revenue rises, costs fall

Hungarian energy-efficiency company RFV's 2009 net income nearly tripled to HUF 806 million in 2009 from HUF 289 million in 2008, as revenue rose and cost of sales fell, consolidated, audited, IFRS data published late Friday show.

Earnings per share jumped to HUF 334 from HUF 140.

Revenue rose 21.4% to HUF 3.91 billion. At the same time, costs fell 13.7% to HUF 1.78 billion, causing gross margin to increase 84.4% to HUF 2.13 billion.

Operating costs rose 37.7% to HUF 653 million, mainly because of more spending for contracted services.

RFV had total assets of HUF 6.82 billion on December 31, 2009, up 56.6% from twelve months earlier. Net assets nearly quadrupled to HUF 2.55 billion from HUF 650 million.

RFV manager in charge of investor relations Péter Tátrai told MTI the company would switch from project financing to corporate financing this year with the aim of boosting growth. (MTI-ECONEWS)