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Emfesz targets big revenue increase in 2006

First Hungarian Gas and Energy Trade and Services (Emfesz) Kft, which controls 70%-80% of natural gas sales on Hungary's deregulated market, targets revenue of Ft 130 billion-Ft 140 billion in 2006, compared to Ft 93.475 billion in 2005, Emfesz spokesman Boris Shestakov announced on Monday.

Emfesz plans to sell 3 billion cubic meters of gas in 2006, compared to 2.5 billion cubic meters in 2005, Shestakov said.
Emfesz was set up in 2003, in preparation for the partial deregulation of Hungary's gas market. It started operating in 2004, renting the facilities for its business from Hungarian oil and gas company Mol Rt. The company is supplied with an annual 3 billion cubic meters of gas under a ten-year contract with Ukraine's RosUkrEnergo. (Hungary's total annual gas consumption is 13 billion-15 billion cubic meters.)
Emfesz's profit and loss statement for 2005 shows after-tax profit of Ft 7.33 billion, pre-tax profit of Ft 11.98 billion, operating profit of Ft 10.71 billion and financial profit of Ft 1.27 billion. Its balance sheet shows year-end total assets of Ft 60.14 billion and net assets of Ft 7.79 billion. The company had inventories of Ft 17.79 billion and receivables of Ft 15.75 billion. Liabilities came to Ft 38.97 billion.