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PannErgy reports small profit in Q1 after loss in base period

Geothermal energy company PannErgy had net income of HUF 20 million in the first quarter, compared to a HUF 481 million loss in the same period a year earlier, when it had a big financial loss, the company said in its consolidated IFRS report late Tuesday.

Diluted earnings per share was HUF 1, up from negative HUF 27 in Q1 2009.

Revenue rose 14% to HUF 3.53 billion and direct costs of sales climbed 18% to HUF 2.63 billion, lifting gross margin 4% to HUF 899 million.

Indirect cost of sales inched up 2% to HUF 709 million.

Operating profit climbed 6% to HUF 129 million.

PannErgy had a HUF 91 million financial loss in Q1, well under the HUF 604 million loss it booked in the same period a year earlier.

PannErgy had total assets of HUF 18.66 billion on March 31, 2% less than twelve months earlier. Net assets rose 9% to HUF 10.61 billion. (MTI-ECONEWS)