SOFIA (Bulgaria), July 31 (SeeNews) – CEZ Razpredelenie Bulgaria, a subsidiary of Czech power utility CEZ, said on Thursday it turned to a preliminary non-consolidated net profit of nearly 4.0 million levs ($2.7 million/2.1 million euro) in the first half of the year from a net loss of 448,000 levs a year earlier.
Operating revenues soared 143% on the year to 6.9 million levs through June, CEZ Razpredelenie Bulgaria said in a preliminary financial report.
The company turned to an operating profit of 3.9 million levs through June from an operating loss of 485,000 levs or the same period in 2013.
CEZ Razpredelenie Bulgaria, operating in the Sofia region and parts of western and northern Bulgaria, is licensed for the transmission and distribution of electricity and the operation of a distribution grid.
In April, the State Energy and Water Regulatory Commission (SEWRC) launched a procedure to revoke the licence of CEZ Razpredelenie Bulgaria, another unit of CEZ in Bulgaria, after it was notified by the state-owned power utility NEK that the Bulgarian unit of the Czech company, together with EVN Bulgaria Elektrorazpredelenie and Energo-Pro Grid owed it a total of over 347.6 million levs in outstanding payments. The power distributors have said they owe debt-ridden NEK nothing, claiming that it had failed to pay them compensations for being obliged to buy electricity generated by wind and solar power installations.
(1 euro = 1.95583 Bulgarian levs)