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RFV first-quarter revenue up 72%, net profit triple

Hungarian energy-efficiency company RFV generated revenue of HUF 1.22 billion (€4.37 million) in the first quarter of 2010, up 72% from revenue of HUF 710.9 million in Q1 of 2009, RFV revealed in its consolidated first-quarter IFRS report published following the close of markets on Monday.

The company attributed the rise in revenue to investments begun after the first quarter of 2009.

RFV posted net profit of HUF 247 million in first quarter of 2010, compared to net profit of HUF 83 million in Q1 of 2009.

The company had EBITDA of HUF 423.05 million in the first quarter of 2010, up 96% from HUF 215.5 million in Q1 of 2009.

The company had pre-tax profit of HUF 302 million in first quarter of 2010, compared to pre-tax profit of HUF 111 million in Q1 of 2009.

RFV attributed the rise in first-quarter profit to completed developments.

RFV had operating expenses of HUF 150.2 million in first quarter of 2010, up 28% from HUF 117.6 million in Q1 of 2009. The company attributed the rise in operating expenses to the hiring of more employees, particularly middle managers.

The company had total assets of HUF 7.07 billion at the end of the first quarter 2010, up 75% from the end of the first quarter of 2009. Net assets rose 262% in twelve months to HUF 2.80 billion at the end of March 2010.

RFV also issued a profit warning on Monday, saying that it expects a significant increase in the company's profit. They plan 2010 investments of €12 million in Romania and another €5 million in Hungary. RFV is in talks with several local councils in that country regarding the upgrade of district-heating systems in both countries.

RFV projects first-half EBITDA of HUF 833 million, net profit at HUF 486 million and June-end net assets of HUF 3.04 billion. Full-year EBITDA is seen at HUF 1.55 billion, net profit at HUF 904 million and net assets are projected to grow to HUF 3.89 billion by the end of December 2010. (MTI-Econews)