Czech state-owned power company CEZ AS (BAACEZ.PR) Tuesday said its 40% annual decline in second-quarter net profit was due to lower power prices than a year earlier, new taxes and foreign-exchange losses, as well as gains in 2010 that didn't recur this year.
Czech state-owned power company CEZ AS (BAACEZ.PR) Tuesday said its 40%
annual decline in second-quarter net profit was due to lower power prices than
a year earlier, new taxes and foreign-exchange losses, as well as gains in 2010
that didn't recur this year.
Last year, CEZ benefited from a 600 million koruna ($35.4 million) rise in
shares in
Hungary
's MOL
Nyrt. (MOL.BU), while this year those shares didn't match the gain, said Martin
Roman, CEZ's chairman and chief executive. CEZ last year also gained over CZK1
billion in profit from sales of carbon emissions allowances, which weren't
repeated, he said.
Profit was also hit by a CZK2.6 billion annual decline in earnings before
interest, taxes, depreciation and amortization due to lower power prices than
in the second quarter of last year, CEZ Finance Chief Martin Novak said.
The Czech koruna's appreciation on year and new taxes on revenue from solar
power generation, as well as taxes on the market value of carbon emissions
allowances the company got for free, also hit profit, the company said.
On Monday, the company said its net profit for the second quarter fell 40% to
CZK6.74 billion.
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