PannErgy losses decline in Q1-Q3

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Hungarian geothermal-energy company PannErgy had net losses of HUF 188 million in the first three quarters of 2012, down from net losses of HUF 796 million in Q1-Q3 of 2011, the company announced in its consolidated, unaudited interim management report on Monday evening.

In Q3 alone it posted HUF 51 million net profit after HUF 307 million losses one year earlier.

The company used a modified base, excluding its plastics business Pannunion, to allow comparison.

PannErgy sold its plastics business Pannunion about a year ago for more than HUF 5 billion. It had said most of the proceeds would go into its geothermic business.

PannErgy generated revenue of HUF 589m in the first three quarters of 2012, more than double the revenue of HUF 227 million that the company generated in Q1-Q3 of 2011. Q3 revenue rose almost fourfold to HUF 190 million.

The company noted that the sharp rise of revenue was mostly technical, primarily due to the accounting of the cost of energy and other expenses at property under its ownership as both revenue and direct costs.

Direct costs of sale more than doubled to HUF 570 million and indirect cost of sales rose by a third to HUF 444 million in the first three quarters.

Pannergy had financial profit of HUF 206 million in the first three quarters as against financial losses of HUF 401 million one year earlier. Most of the financial profit reflected a price gain on Pannergy's 14.96% stake in the listed company Synergon, the report said.

The company had EBITDA of minus HUF 134 million in the first three quarters of 2012, compared to EBITDA of minus-HUF 277 million in Q1-Q3 of 2011.

PannErgy is an A-category issuer at the Budapest Stock Exchange.

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