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Bulgaria's TPP Maritsa 3 sharply cuts Q1 cons net loss

May 23, 2024, 12:35:14 PMArticle by Mihaela Miteva
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May 23 (SeeNews) - Bulgarian thermal power plant (TPP) Maritsa 3 [BUL:MR3] said it significantly shrank its consolidated net loss in the first quarter of 2024, to some 1.7 million levs ($941,338/869,193 euro) from roughly 12.9 million levs in the same period last year.

Bulgaria's TPP Maritsa 3 sharply cuts Q1 cons net loss
Photo: TPP Maritsa 3/ All rights reserved.

The improved performance was due to lower operating expenses, which dropped to 5.9 million levs in January-March from 42.1 million levs a year earlier, TPP Maritsa 3 said in an interim financial statement on Wednesday. Costs for materials slumped by 90% on the year to 2.6 million levs, with most of the other expenses also declining.

The power plant's overall revenue sank to 4.2 million levs in the review period from a little over 29.1 million levs in the first quarter of 2023. Of that, product sales generated 3.78 million levs, shedding 82% from the prior-year period.

The plant, which has one functioning 120-MW unit, is located in the town of Dimitrovgrad in southern Bulgaria.

Shares in TPP Maritsa 3 last traded at 134.628 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)

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