October 30 (SeeNews) - CEZ Electro Bulgaria [BUL:1CZ], a subsidiary of Czech power utility CEZ, said on Tuesday that its net profit fell to 9.1 million levs ($5.3 million/4.6 million euro) in the first nine months of the year from 38.8 million levs in the same period of 2017, following a drop in revenue.
The company's total operating revenue declined to 368.1 million levs in the January-September period from 398.8 million levs in the comparable period of last year, CEZ Electro said in an interim financial statement.
The drop in revenue can be attributed to a decrease in "other revenue", which the company did not define in detail. CEZ Electro's other revenue fell to 6.7 million levs in the review period from 34.7 million levs in the first nine months of last year.
CEZ Electro also bumped its expenses up to 357.9 million levs in the nine months through September from 355.6 million levs in the like period of 2017.
In July last year, CEZ Electro said that it has reached an out-of-court settlement with state-owned power utility NEK over claims for renewable energy compensation. CEZ Electro reversed 18.7 million levs of amortisations regarding the receivables from NEK, as well as 13.4 million levs in provisions for pending court cases, which it later classified as "other revenue" in its annual financial report for 2017.
(1 euro = 1.95583 levs)