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KEG racks up loss in 2009 as revenue falls

Hungarian gas company KEG racked up a HUF 67 million loss in 2009 as revenue fell, the company's audited report for the period published late Monday shows.

KEG had net income of HUF 47 million in 2008.

KEG's net sales revenue rose 5.4% to HUF 1.365 billion in 2009, but "other revenue" came to just HUF 1 million, compared to HUF 187m in the base period. Including receivables, KEG's revenue fell 6.3% to HUF 1.389 billion in 2009, Econews calculated.

Material costs inched up 1% to HUF 1.035 billion. Payroll costs jumped 27% to HUF 216 million.

Operating profit fell to HUF 10 million from HUF 142 million.

KEG had total assets of HUF 2.721 billion on December 31, 2009, 19.7% more than twelve months earlier. Net assets climbed 17.9% to HUF 1.386 billion. (MTI-ECONEWS)