ELMŰ, ÉMÁSZ profits climbed to HUF 4.3 bln in Q1

Telco

Combined after-tax profit from continuing activities of regional electricity distributors ELMŰ and ÉMÁSZ, both majority-owned by Germanyʼs RWE-EnBW, came to about HUF 4.3 billion in the first quarter, according to an earnings reports published late yesterday, Hungarian news agency MTI reported.

ELMŰ, which distributes electricity in the capital, said its after-tax profit rose 124% to HUF 3.3 bln. Revenue climbed 5% to HUF 47.6 bln, outpacing the increase in material costs, which were up 3% at HUF 34.8 bln, MTI reported.

ÉMÁSZ, which distributes electricity in northern Hungary, said its after-tax profit fell 6% to HUF 1 bln. Revenue was down 4% at HUF 15.4 bln, but material costs fell even further, by 8% to HUF 8.9 bln, according to the news agency. Still, higher corporate tax payments weighed on the firm’s bottom line.

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