ALTEO Q1-Q3 Earnings Drop

After-tax profit of listed alternative energy company ALTEO fell 68% year-on-year to HUF 2.7 billion on higher costs, an earnings report released on Monday shows.

Revenue rose 16% to HUF 86.8 billion. Material costs increased 28% to HUF 61.2 billion and payroll costs climbed 55% to HUF 11.8 billion. Diluted earnings per share came to HUF 135.

According to the announcement, the company took several steps toward achieving its strategic goals during the past quarter. With the acquisition of ÉLTEX, which was completed on June 30, ALTEO made a quantum leap in the field of circular economy, bringing it closer to its goal of becoming a market leader by 2030. Several capacity expansion and efficiency improvement projects continued. In addition, the company acquired Mecséri Kft., which has a wind farm project, and thus, after obtaining all the necessary permits, it intends to further expand its portfolio of power plants utilizing renewable energy sources with the construction of the wind farm.

The investment arm of MOL and two private equity funds hold 73.79% of ALTEO's shares.