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PannErgy cuts losses in first quarter

Hungarian alternative-energy company PannErgy sustained after-tax losses of HUF 481 million (€1.67 million) in the first quarter of 2009, down 19.7% from after-tax losses of HUF 599 million in Q1 of 2008, the company announced in its consolidated IFRS report.

PannErgy posted operating profit of HUF 95 million in the first quarter of 2009, down 63% from HUF 257 million in the first quarter of 2008. The company recorded financial losses of HUF 604 million in the first quarter of 2009, compared to HUF 859 million in Q1 of 2008.

The company posted EBITDA of HUF 383 million in the first quarter of 2009, down 27.5% from HUF 528 million in Q1 of 2008.

PannErgy generated consolidated revenue of HUF 3.1 billion in the first quarter of 2009, down 16.7% from HUF 3.7 billion in Q1 of 2008.

PannErgy posted pre-tax profit of HUF 93 million in the first quarter of 2009 discounting the consolidated losses of HUF 602 million that company unit Pannunion group sustained during the period. PannErgy recorded pre-tax losses of HUF 458 million in the first quarter of 2008.

PannErgy had consolidated total assets of HUF 19.3 billion at the end of the first quarter of 2009, compared to HUF 20.25 billion at the end of the first quarter of 2008.

PannErgy shares trade in the “A” category at the Budapest Stock Exchange. (MTI – Econews)