Electricity distributors ELMŰ, ÉMÁSz show declining profit

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The profits of Hungarian electricity distributors ELMŰ and ÉMÁSz declined during the first three quarters of 2013, consolidated interim management reports of the companies published on Friday showed. 

ELMŰ had after-tax profit of HUF 7.2 billion in the first three quarters of 2013, down year-on-year from HUF 26.9 billion. Its revenue of HUF 168.6 billion was up 3.1% y.o.y. The company paid energy taxes of HUF 633 million in the first three quarters of 2013, up y.o.y. from HUF 288 million.

A 10% utility price cut for households, mandated by law from the start of the year, and low demand from the household segment due to the economic crisis weighed on revenue and results, the company commented.

ÉMÁSz reported after-tax profit of HUF 3.6 billion in the first three quarters, down y.o.y. from HUF 8.6 billion. Revenue increased 1.9% to HUF 67.1 billion. The company paid energy taxes of HUF 226 million in the first three quarters of 2013, up y.o.y. from HUF 99 million.

ELMŰ, which is the electricity distributor for Budapest, and ÉMÁSz, which is the electricity distributor for the north of Hungary, are Standard-category issuers at the Budapest Stock Exchange. Germany-based RWE-EnBW owns a majority stake in both ELMŰ and ÉMÁSz, while the state-owned Hungarian Electricity Works (MVM) holds minority stakes in the companies.

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