Asset sales pad Pannergyʼs bottom line in Q1-Q3
Alternative energy company Pannergy booked net income of HUF 66 million in Q1-Q3, improving over a loss of HUF 383 mln in the base period in large part due to the sale of assets, an earnings report released late yesterday shows.
Pannergy booked a HUF 383 mln balance on its "other expenditures and other income lines" after it booked HUF 1.1 billion from the sale of a drill, HUF 512 mln from the sale of know-how and HUF 44 mln from real estate sales. It realized HUF 562 mln in other revenue after writing off the book value of the assets, Pannergy noted.
Revenue for the period rose 4.2% to HUF 1.62 bln. Direct cost of sales climbed 14.8% to HUF 1.33 bln, causing gross profit to fall 26.8% to HUF 290 mln.
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