October 28 (SeeNews) - Power utility CEZ Electro Bulgaria [BUL:1CZ], part of Czech energy group CEZ, said on Wednesday that its net profit rose to 14.6 million levs ($8.8 million/7.5 million euro) in the first nine months of the year from 11.2 million levs in the same period of 2019, backed by higher revenue.
CEZ Electro Bulgaria generated revenue of 485.7 million levs in the review period, up from 411 million levs the year before, it said in an interim financial statement.
The company's expenses grew to 469 million levs in the first three quarters of 2020 from 398.5 million levs a year earlier, due to higher cost of goods sold.
In August, Bulgaria's competition authority reopened its in-depth probe into financial and insurance group Eurohold Bulgaria's [BUL:4EH] 335 million euro deal for the acquisition of the local assets of Czech energy group CEZ, which include a majority stake in CEZ Electro Bulgaria. The regulator's initial ban of the deal was cancelled by court.
(1 euro = 1.95583 levs)