E-Star Alternativ Nyrt. (ESTAR), a Hungarian energy company, gained for a third day after reporting that earnings before interest, taxes, depreciation and amortization rose in March.
The shares rose 3.9 percent to 2,680 forint by 11:37 a.m. in Budapest, after sinking to 2,500 forint, the lowest since May 2009, on April 11. Ebitda came in at 1.435 million euros ($1.87 million) last month, a 12 percent increase from February, the company said in a statement to the Budapest Stock Exchange today.
“We are a bit positively surprised with the March results,” Peter Szentirmai, a Budapest-based analyst at KBC Groep NV (KBC)’s broker unit, wrote in a research report, citing the increase in Ebitda.
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