Hungarian PannErgy reports Q1, 2011 income jump
PannErgy company website snapshot
Alexander Richter
17 May 2011
In its quarter report for Q1 of 2011, Hungarian geothermal energy company PannErgy reports an income jump with sales revenues up 13.3% and an operating profit of $470,000.
“Hungarian geothermal energy company PannErgy’s Q1 net income jumped to HUF 185 million ($1 million) from HUF 20 million ($100,000) in the same period a year earlier on the back of a big financial gain, the company’s consolidated IFRS report shows.
Sales revenue was up 13.3% at HUF 4 billion ($20.8 million), but direct cost of sales rose at a faster rate, climbing 19.1% to HUF 3.13 billion ($16.3m) and causing gross margin to edge down 3.7% to HUF 866 million ($4.6m).
Indirect cost of sales of HUF 756 million and “other expenditure” of HUF 58 million ate up gross margin, leaving PannErgy with operating profit of HUF 88 million ($460,000). But the company’s bottom line was lifted by a HUF 119 million financial gain ($620,000), compared to a HUF 91 million ($470,000) financial loss in the base period.
Earnings per share rose to HUF 10 from HUF 1.
PannErgy had total assets of HUF 20.2 billion ($105m) on March 31, 2011, up 8.3% from twelve months earlier. Net assets were practically flat at HUF 10.66 billion ($55m). Long-term liabilities were up 7.4% at HUF 2.13 billion ($11m).”
Source: Budapest Business Journal
