Hungarian alternative energy company PannErgy posted net profit of HUF 114 million in the first half of 2009 as against HUF 1.18 billion losses a year earlier, the company announced in its consolidated IFRS report.
The consolidated figures include Pannergy's 95.2%-owned packaging unit Pannunion, itself a listed company, which reported H1 consolidated IFRS losses of HUF 36 million on revenue of HUF 6.01 billion earlier this week.
Pannergy sales revenue fell 10.2% to HUF 6.08 billion, the consolidated report shows.
Profits were helped by HUF 400 million unrealized gains from a 45% rise of Synergon shares held by the company and by an 18% rise of its Pannergy futures contracts. PannErgy manages its holding in IT company Synergon as a financial investment.
Operating profit dropped 48.6% yr/yr to HUF 167 million. PannErgy noted that the weakness of the forint, a decline in the price of raw materials and implemented austerity measures had a positive impact on the company's financial performance.
EBITDA was down 13.6% yr/yr to HUF 742 million, though this decline stemmed from a one-off factor in the base period without which EBIDTA would have risen HUF 300 million.
Consolidated total assets were HUF 17.52 billion at the end of June 2009, down 5.5% from the end of H1 2008, and net assets fell 6.4% to HUF 9.54 billion.
PannErgy noted that packaging unit Pannunion was applying for HUF 228 million in non-refundable state support for a nearly HUF 1 billion investment at the company.
At the end of June shareholders with a stake in excess of 5% included Benji Invest, holding 12.94% of the shares and 14.87% of voting rights, asset manager Lazarus Vagyonkezelő, holding 9.50% and 10.91%, respectively, and Berenberg-Balkan Baltikum Fund, holding 6.89% of the shares and 7.92% of the votes.
PannErgy trades in the A-category of issuers at the Budapest Stock Exchange. (MTI – Econews)