MVM: a Loss of HUF 81.1 Bn in the First Half of 2022

The Hungarian electricity company MVM Plc. closed the first half of this year with a loss of HUF 81.1 billion, compared to a profit after tax of HUF 28.3 billion in the same period last year, according to a consolidated report about the first six months of the year published on the website of the Budapest Stock Exchange (BSE) on Wednesday. EBITDA is HUF 90 billion, a decrease of HUF 78.5 billion compared to the same period last year.

 In the current energy crisis, despite the unpredictability and extreme volatility of the European and global markets, the MVM Group will continue to do its utmost to ensure the security of supply for Hungarian citizens and businesses, the report points out.

According to the interim consolidated financial statements under EU IFRS, the Group's profit after tax for the first half of the year is mainly due to the impact of the residential service prices and system charges, which will be compensated in the second half of the year as a result of government and regulatory measures after June 30, 2022.

High energy purchase prices and consequently high competitive sales prices are also responsible for the more than doubling of revenue for the period from HUF 1,082 billion to HUF 2,429 billion compared to the first half of 2021.