Bulgaria's NEK trims 9-mo net loss, lowers expenses

NEK's revenue fell to 2.1 billion levs in the January-September period of 2019 from 2.3 billion levs in the comparable period of last year, the company said in an interim financial statement.

Sales revenue dropped to 1.0 billion denars in the review period from 1.7 billion levs the year before. This was partially offset by revenue from the Electricity System Security Fund which grew to 1.1 billion levs from 617.3 million levs in the prior-year period.

The Electricity System Security Fund is formed by a 5% tax on the revenue of electricity producers and traders in the country.

NEK's expenses for buying electricity fell to 1.9 billion levs in the nine months through September from 2.1 billion levs in the like period of 2018.

The company's expenses for provisions plunged to 31.2 million levs in the period under review from 111 million levs the year before.

(1 euro = 1.95583 levs)