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Émász profits fall 41.2% in first half of 2009

Electricity distributor for northern Hungary ÉMÁSz, majority-owned by Germany's RWE-EnBW, had after-tax profit of HUF 4.17 billion (€15.37 million) in H1 2009, 41.2% less than in the same period last year, the company said.

Émász had earnings per share (EPS) of HUF 1.369 as against HUF 2.326 one year earlier.

Sales revenue dropped 22.3% to HUF 48.39 billion. Sales volume dropped 1.1% to 0.715 million MWhours in the retail segment and dropped a sharp 54% to 0.490 million MWhours in the non-retail segment. The sales fall in the retail segment was far bigger than for its partner company ELMŰ, held by the same owners and servicing Budapest probably due to the fact that ÉMÁSz’ territory was worse hit by the economic crisis.

In contrast with ELMŰ, and to a large part reflecting the sharp drop in sales, material costs of ÉMÁSZ fell 18.2%, to HUF 41.1 billion. Labor costs rose 5.3% to HUF 0.93 billion and other operating expenses rose 2.2% to HUF 1.79 billion.

H1 operating profit fell 68.4% to HUF 2.22 billion.

ÉMÁSz’ profits were helped by HUF 3.59 billion in profits from sup 88.5% from the amount in H1 2008.

ELMŰ had total assets of HUF 84.46 billion on June 30, 2009, down by 1.5% from the end of December. Short-term liabilities rose 1.1% to HUF 28.60 billion while long-term liabilities fell 3.2% to HUF 9.55 billion. Net assets fell 2.8% in six months to HUF 46.31 billion at the end of June.

Émász, similar to ELMŰ trades as a B-category issuer at the Budapest Stock Exchange. (MTI – Econews)