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Démász January-September net profits drop 4.7% to Ft 4.777

Démász had net profits of Ft 4.777 billion (€18.4 million) in the first nine months of 2006, down 4.7% from the same period in the previous year, the company said in its report published on Wednesday.

Electricity distributor for southern Hungary Démász, majority-owned by Electricite de France, had net profits of Ft 4.777 billion (€18.4 million) in the first nine months of 2006, down 4.7% from the same period in the previous year, the company said in its consolidated report, prepared according to International Financial Reporting Standards (IFRS) and published on Wednesday. Q3 net profit was Ft 2.220 billion, falling 6.2% from the same period a year earlier. Consolidated earnings per share (EPS) were Ft 1,290 in Q1-Q3 2006, down from Ft 1,353 a year earlier. Q3 EPS dropped to Ft 600 from Ft 639 in January-September 2005.

Démász's revenue from electricity sales increased 26.4% year-on-year to Ft 82.18 billion in January-September 2006. Q3 revenue rose 31.2% year-on-year to Ft 29.636 billion. Revenue rose because of higher tariffs and more sales at D-Energia, Démász's unit for trade on the deregulated market. EBITDA decreased 1.5% year-on-year in the first nine months 2006 to Ft 12.467 billion, and operating profit fell 7.5% to Ft 6.301 billion. (Mti-Eco)