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Power companies post 14.5% rise in profit

Power producers, distributors and traders in Hungary generated pre-tax profit of HUF 176.9 billion (EUR 654.72m) in the first three quarters of 2009, up 14.5% from the first nine months of 2008, the Hungarian Energy Office reported.

However, universal providers furnishing power to retail consumers and utilities sustained pre-tax losses of HUF 7.4 billion in the first three quarters of 2009, compared to pre-tax profit of HUF 1 billion in the first nine months of 2008.

Power traders posted a 81% yr/yr rise in pre-tax profit of HUF 56.6 billion in the first three quarters of 2009, while almost entirely state-owned Hungarian Electricity Works (MVM) group registered a 51% increase in profit to HUF 41.8 billion during the period.

Traders paid power plants around HUF 10 for electricity in November, selling power for around HUF 25 per kW hour during the month.

Transmission-system operator Mavir recorded a 27.3% yr/yr drop in profit in the first nine months of 2009. (MTI-ECONEWS)