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CEZ Distribution Bulgaria cuts non-cons 9-mo net profit on higher expenses

CEZ Distribution Bulgaria cuts non-cons 9-mo net profit on higher expenses Photo: CEZ Distribution Bulgaria / All rights reserved.

SOFIA (Bulgaria), November 1 (SeeNews) - Power grid operator CEZ Distribution Bulgaria [BUL:CEZD] said that its standalone net profit fell to 27.1 million levs ($16.3 million/13.9 million euro) in the January-September period of 2021 from 37.1 million levs in the same period of last year.

CEZ Distribution Bulgaria expenses grew to 260.4 million levs in the first nine months of this year from 226.5 million levs a year earlier, the company said in an interim financial statement last week.

The company's revenue amounted to some 289.6 million levs during the review period, up from 268.4 million levs in the first nine months of 2020.

Last month, financial and energy group Eurohold Bulgaria [BUL:EUBG] said that the financial regulator approved the revised buyout bids by Dutch-based Eastern European Electric Company B.V. (EEEC), a wholly-owned unit of the group, for stakes of 33% each in Sofia-based CEZ Distribution [BUL:CEZD] and CEZ Electro. EEEC will acquire 636,240 shares in the capital of CEZ Distribution for a total of 185.2 million levs. Eurohold Bulgaria has also said that EEEC expects to complete the acquisition of the respective stakes in the two companies by the end of November.

Earlier this year, Eurohold finalised the acquisition, through EEEC, of 67% interest in CEZ Distribution Bulgaria and CEZ Electro Bulgaria from Czech energy group CEZ, as well as 100% of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group, and CEZ Bulgaria, the coordinator of CEZ Group’s units in Bulgaria, for a total of 335 million euro ($387.5 million)

CEZ Distribution Bulgaria operates the power grid in Sofia Region and parts of western and northern Bulgaria.

As at 12:15 CET, shares in CEZ Distribution traded 0.69% lower at 286 levs on the floor of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)

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