October 22 (SeeNews) - Bulgarian thermal power plant (TPP) Maritsa 3 [BUL:6TM] said on Thursday that its net profit dropped to 2 million levs ($1.2 million/1 million euro) in the first nine months of 2020 from 6.7 million levs in the same period of 2019.
The power plant operator roughly halved its revenue to 19.1 million levs in the review period from 38.1 million levs the year before, TPP Maritsa 3 said in an interim financial statement.
The company's expenses fell to 17.1 million levs in the first three quarters of 2020 from 31.4 million levs a year earlier due to a lower cost of goods sold.
Earlier this year, the company said it will lay off part of its employees due to the country's new rules for providing cold reserve services, according to local media reports. Until recently the bulk of Maritsa 3 TPP's revenues came from contracts with the government for providing cold reserve capacity for electricity supplies.
In July, energy minister Тemenuzhka Petkova said that the government will rely on cold reserve capacity, if needed, only from state-owned coal-fired TPP Maritsa East 2.
The 120 MW plant is located in the town of Dimitrovgrad, in southern Bulgaria.
(1 euro = 1.95583 levs)