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ELMŰ H1 profits plummet 44%

Electricity distributor for Budapest ELMŰ, majority-owned by Germany's RWE-EnBW, had H1 after-tax profit of HUF 8.97 billion, down 44.1% from the same period a year earlier as margins narrowed, the company's consolidated IFRS report for the period published late on Monday shows. H1 earning per share fell to HUF 1,476 from HUF 2,639 in H1 2008.

Sales revenue dropped 6.5% to HUF 134.62 billion. Sales volume dropped 5.1% to 1.602 million MWhours in the retail segment and dropped 18.1% to 1.648 million MWhours in the non-retail segment where the crisis hit demand rather by individual companies than whole sectors. Material costs rose just 0.9% to HUF 113.77 billion in H1, labor costs rose 8.6% to HUF 2.18 billion and other operating expenses fell 15.5% to HUF 4.18 billion. Operating profit fell to HUF 10.19 billion, just a half of its level a year earlier. ELMŰ's bottom line was helped by HUF 2.84 billion in profits from its subsidiaries, more than two and a half times the amount in H1 2008.

ELMŰ had total assets of HUF 194.32 billion on June 30, 2009, down by a slight 0.1% from the end of December. Short-term liabilities rose 6.7% to HUF 60.61 billion while long-term liabilities rose just 0.8% to HUF 29.02 billion. Net assets fell 3.5% in six months to HUF 104.69 billion at the end of June. (MTI-Econews)