January 29 (SeeNews) - Power utility CEZ Electro Bulgaria [BUL:1CZ], part of Czech energy group CEZ, said on Wednesday that its net profit edged down to 15.3 million levs ($8.6 million/7.8 million euro) last year from 15.4 million levs in 2018.
CEZ Electro Bulgaria's operating revenue grew to 589.8 million levs in 2019 from 527.6 million levs the year before, figures from the company's annual financial statement show.
The company's operating expenses also rose, to 572.8 million levs last year from 510.5 million levs in 2018, due to a 64 million levs increase in cost of goods sold.
Last year, Bulgaria's competition regulator banned local financial and insurance group Eurohold Bulgaria's [BUL:4EH] 335 million euro deal to acquire the assets of Czech energy group CEZ in Bulgaria, which include a majority stake in CEZ Electro Bulgaria. Both Eurohold and CEZ appealed the decision before 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.
CEZ Electro Bulgaria shares have not yet traded on the Bulgarian Stock Exchange so far this year, as investors await the decision of the Supreme Administrative Court regarding the CEZ-Eurohold deal. CEZ Electro Bulgaria shares gained 12.4% in 2019.
(1 euro = 1.95583 levs)