May 29 (SeeNews) - Power utility CEZ Distribution Bulgaria [BUL:3CZ], part of Czech energy group CEZ, said on Friday its consolidated net profit soared to some 19.7 million levs ($11.2 million/10.1 million euro) in the first quarter of 2020, from 5.9 million levs a year earlier.
CEZ Distribution Bulgaria's operating revenue grew to 108.8 million levs in the first three months of this year from 104.9 million levs in the like period of 2019, backed by higher revenue from sales of services, the company said in an interim financial statement.
At the same time, operating expenses fell to 86.9 million levs from 98.7 million levs, predominantly due to lower impairment costs.
The assets of CEZ Distribution Bulgaria amounted to 967.5 million levs at the end of March, up from 950.0 million levs in a year earlier.
The power utility distributed 13,118,392 MWh of electricity in the period under review.
As at 16:10 CET on Friday, CEZ Distribution Bulgaria's shares traded 3.89% higher at 187 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)