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Démász net profits up 19.2% in Q1 2006

Electricity distributor for southern Hungary Démász Rt had net profits of Ft 1.26 billion (€4.8 million) in the first quarter of 2006, 19.2% more than in the same period a year earlier, the company said in its unaudited consolidated report prepared with International Financial Reporting Standards (IFRS) and published on Friday.

Revenue from electricity sales increased 27% to Ft 27.14 billion in Q1 2006 from the same period a year earlier. Operating profit increased 8.4% to Ft 1.69 billion, and EBITDA rose 6.1% to Ft 3.71 billion.
Démász said it made successful steps to reduce network losses and reduce operating costs in Q1, however these did not offset a decrease in the profitability of its public utility operations due to unfavorable changes in regulated tariffs.