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CEZ Distribution Bulgaria's H1 net profit falls on higher expenses

CEZ Distribution Bulgaria's H1 net profit falls on higher expenses Photo: CEZ Distribution Bulgaria / All rights reserved.

SOFIA (Bulgaria), August 31 (SeeNews) - Power grid operator CEZ Distribution Bulgaria [BUL:CEZD] said that its consolidated net profit fell to 25.3 million levs ($12.9 million/15.3 million euro) in the first half of 2021 from 31.5 million levs in the same period of 2020.

The company's expenses grew to 171.9 million levs in the first six months of the year from 159.7 million levs the year before, CEZ Distribution Bulgaria said in an interim financial statement on Monday.

At the same time, CEZ Distribution Bulgaria's revenue went up to some 200 million levs in the review period from 194.7 million levs in the first half of last year.

At the end of last month, financial and insurance group Eurohold Bulgaria [BUL:EUBG] completed the acquisition of the local business of Czech energy group CEZ for 335 million euro ($396.5 million), including 67% interest in CEZ Distribution Bulgaria and CEZ Electro Bulgaria [BUL:CZD].

Earlier this month, Eurohold Bulgaria said that it aims to acquire the remaining 33% shareholding interest in CEZ Distribution and CEZ Electro for a total of 219.2 million levs.

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

As at 10:45 CET on Tuesday, shares in CEZ Distribution Bulgaria traded 3.55% higher at 292 levs on the floor of the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)