MVM revenue falls, profits climb in H1
First-half sales revenue of state-owned energy group MVM fell 22pc year-on-year to HUF 2,156bn, an earnings report posted on the website of the Budapest Stock Exchange on Tuesday shows.
After-tax profit rose 6pc to HUF 222bn.
In a separate statement, MVM said revenue fell on the back of lower gas and electricity prices as well as a decline in gas consumption due to mild winter weather.
MVM noted that around 85pc of the electricity it generated was carbon free and it was continuing to expand its solar park portfolio.
To reduce Hungary’s energy dependence, MVM said it was making investments to boost output of local gas fields and looking for alternative energy sources, including new LNG contracts, and alternative energy delivery routes. It pointed to its recent acquisition of a stake in the Shah Deniz gas field in Azerbaijan among efforts to diversify supply.
