February 25 (SeeNews) - Power utility CEZ Distribution Bulgaria [BUL:3CZ], part of Czech energy group CEZ, said on Tuesday that its consolidated net profit rose sharply to 21.5 million levs ($11.9 million/11.0 million euro) in 2019 from 5.9 million levs a year earlier.
CEZ Distribution Bulgaria's operating revenue grew to 370.1 million levs last year from 359.6 million levs in 2018, the company said in an annual financial statement.
The power utility distributed 10,246,392 MWh of electricity during 2019.
The company's expenses decreased to 346.0 million levs in the review period from 351.7 million levs the year before, mainly due to lower provision costs.
The utility's assets amounted to 950.0 million levs last year, up from 909.1 million levs recorded in 2018.
As at 14:05 CET on Tuesday CEZ Distribution Bulgaria's shares traded unchanged at 208.0 levs apiece, bourse data showed.
In October, Bulgaria's competition regulator banned local financial and insurance group Eurohold Bulgaria's [BUL:4EH] from acquiring the CEZ assets in the country, including a majority stake in CEZ Distribution Bulgaria, in a 335 million euro deal.
Both CEZ and Eurohold have appealed the regulator's decision before the Supreme Administrative Court.
The CEZ group in Bulgaria comprises CEZ Distribution Bulgaria [BUL:3CZ], CEZ Electro Bulgaria [BUL:1CZ], 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.
CEZ's earlier deal with Sofia-based Inercom for the sale of the group's assets in Bulgaria fell through as CEZ also failed to obtain approval from the competition regulator.
(1 euro = 1.95583 levs)