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Bulgaria's BEH turns to 9-mo net loss on rise in depreciation costs

Author Mario Tanev
Bulgaria's BEH turns to 9-mo net loss on rise in depreciation costs wrangler/

SOFIA (Bulgaria), November 5 (SeeNews) - Bulgarian Energy Holding (BEH), which pools state-owned energy companies, said that it turned to a consolidated net loss of 22.3 million levs ($12.7 million/11.4 million euro) in the first nine months of 2019 from a net profit of 137.6 million levs in the same period of 2018.

The company's result was weighed down by 144.4 million levs of depreciation costs in the review period, figures from BEH's interim financial statement showed.

In the same period of last year, BEH booked net gains of 50.1 million levs from reversal of depreciations.

BEH's revenue fell by an annual 3% to 105.2 million levs, largely due to the 3.2 million levs generated from the sale of the Independent Bulgarian Energy Exchange (IBEX) in 2018.

Revenue from dividends edged down 0.1% to 104.4 million levs in the review period.

Dividends from the operator of Bulgaria's sole nuclear power plant - Kozloduy, jumped 41.4% to 80.1 million levs. This was offset by lower dividends distributed by Bulgartransgaz and Mini Maritsa Iztok, and lack of dividends from the Electricity System Operator (ESO) and Bulgargaz.

BEH's operating expenses fell to 6 million levs in the review period from 6.6 million levs the year before.

The company's assets edged down to 5.66 billion levs at the end of September from 5.70 billion levs at the end of 2018.

BEH owns a group of Bulgarian state-owned companies which are engaged in electricity generation, supply and transmission, natural gas transmission, supply and storage and coal mining.

(1 euro = 1.95583 levs)