Are you sure?

PannErgy posts profit on price gains in H2

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)