E-Star Alternativ Declines to 2 1/2-Year Low After Posting Loss

E-Star Alternativ Nyrt. (ESTAR), a Hungarian energy company, fell to the lowest in more than 2 1/2 years after posting a net loss for 2011.

The shares dropped 7.4 percent to 2,825 forint by 12:05 p.m. in Budapest, the lowest on a closing basis since July 2009.

E-Star posted a net loss of 2.4 million euros ($3.2 million) for 2011, according to an audited income statement posted on the website of the Budapest Stock Exchange today.

“The short-term effect will probably be a negative reaction,” Peter Szentirmai, a Budapest-based analyst at the broker unit of KBC Groep NV (KBC), wrote in a research report.

To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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