The state-owned Bulgarian Energy Holding (BEH) posted a pre-tax profit of 8.5 million levs ($6.0 million/4.3 million euro) in the first quarter of 2014, up 50% from the same period a year earlier.
Revenues dropped nearly 94% to 309,000 levs in January-March, according to the company's financial report posted on the finance ministry's website. BEH attributed the decrease to a decrease by nearly 85% in payments from its subsidiaries for provided services.
The negative effect of lower revenues was offset by a rise in the net financial income to 10.2 million levs, up 312% on the year. Gross financial income surged to 21.8 million levs, up 195%.
BEH incorporates assets of Bulgaria's sole nuclear power plant Kozloduy, gas monopoly Bulgargaz, gas transmission system operator Bulgartransgaz, telecommunications operator Bulgartel, the National Electricity Company and its wholly-owned system operator Electricity System Operator, coal-fired power plant Maritsa East 2 and the Maritsa East coal mines.
BEH's consolidated current liabilities exceeded 119 million levs ($84.7 million/60.8 million euro) at the end of the first quarter of 2014, an increase of 10.4% from the end of 2013. Non-current liabilities stayed flattish at some 972 million levs at the end of March.