CEZ Distribution Bulgaria Net Profit Plummets on Revenue Drop
Power distributor CEZ Distribution Bulgaria, majority owned by Czech power utility group CEZ, said on Wednesday that its net profit declined 82.9% year-on-year to 4.6 million levs ($2.7 million/2.3 million euro) in 2018, following a drop in revenue.CEZ Distribution cut its revenue to 353.5 million levs last year from 436.3 million levs in 2017, figures from the company's annual financial statement showed.The power utility's operating expenses decreased to 348.4 million levs in 2018 from 405.1 million levs the year before.The company distributed 10,491,484 MWh of electricity in 2018. This compares to 10,694,350 MWh distributed in a year earlier, according to CEZ Distribution's annual report for 2017.As at 13:00 CET on Wednesday, CEZ Distribution shares traded 2.45% lower at 199 levs on the Bulgarian Stock Exchange.