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Elmü-Émász H1 profits more than double

Electricity distributor for northern Hungary Émász and Budapest electricity distributor Elmü, majority-owned by Germany's RWE-EnBW, saw their profits double in the first six months of the year.

Émász had first-half after-tax profit of Ft 7.1 billion, up from Ft 2.9 billion in the same period a year earlier.

Earnings per share came to Ft 2,326, up from Ft 964 in H1 2007, the company said in its un-audited consolidated IFRS report for the period published on the website of the Budapest Stock Exchange on Friday.

Revenue rose 19% to Ft 62.3 billion, even as Émász's electricity sales fell 17% to 1.353GWh. Retail sales rose 5% to 0.724GWh, but non-retail sales dropped a sharp 33% to 0.630GWh as companies cut back on costs because of unfavorable economic conditions.

Émász had total assets of Ft 82.8 billion on June 30, 2008, 6% more than at the end of 2007.

Elmü had first-half after-tax profit of Ft 16.0 billion, up from Ft 6.7 billion in the same period a year earlier.

Earnings per share came to Ft 2,639, up from Ft 1,105 in H1 2007, the company said in its consolidated IFRS report for the period published on the website of the Budapest Stock Exchange on Friday.

Revenue rose 9% to Ft 144.0 billion, even as Elmü's electricity sales fell 17% to 3.699GWh. Retail sales rose 3% to 1.688GWh, but non-retail sales dropped a sharp 28% to 2.011GWh.

Elmü had total assets of Ft 189.2 billion on June 30, 2008, 7% more than at the end of 2007. (MTI - Econews)