May 31 (SeeNews) - Bulgarian state-owned National Electricity Company - NEK, said that its net profit grew to 47.4 million levs ($29.5 million/24.2 million euro) in the first quarter of 2021 from 13.7 million levs in the comparable period of 2020.
NEK's revenue from electricity sales soared by an annual 13% to 519.7 million levs, as their volume rose 3.6% to 5,076,747 MWh, the company said in an interim financial statement.
Revenue from the Electricity System Security Fund increased to 254.2 million levs from 194.6 million levs the year before. The Electricity System Security Fund is formed by a 5% tax on the revenue of electricity producers and traders in the country.
The company's operating expenses rose 12.8% to 730.9 million levs, as expenses for electricity purchases grew 5.5% to 612.8 million levs. In terms of volume, electricity purchases dropped 13.4% to 3,992,527 MWh.
(1 euro = 1.95583 levs)