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Démász H1 net profits drop 3.3% to Ft 2.56 bln

Electricity distributor for Southern Hungary Démász Nyrt, majority owned by Electricite de France, had net profits of Ft 2.56 billion (€9.4 million) in the first half of 2006, down 3.3% from the previous year, the company said in its unaudited consolidated flash report, prepared according to International Financial Reporting Standards (IFRS) and published on Thursday.

Second-quarter net profit was Ft 1.3 billion, down by a sharp 18.2% from a high base that was boosted by a one-off item a year earlier. Excluding the one-off item, Q2 net profit rose 9%, the report noted.
The company’s revenue from electricity sales increased 23.9% year-on-year to Ft 52.54 billion in January-June 2006. Q2 revenue rose 20.7% to Ft 25.4 billion.