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CEZ group posts CZK 13.2 bln in consolidated net profits

The consolidated net profits of the CEZ group for the first three quarters of the year equaled CZK 13.2 bln according to international accounting standards, compared to CZK 6.525 bln in the same period last year.

The main reason for the rapid increase in profits lies in the transfer of a 66 percent stake in CEPS, where the difference between the selling price and the balance totaled CZK 10.8 bln.

The revenues of the CEZ group increased by 47 percent to CZK 58 bln. Costs increased by 56.7 percent to CZK 48.9 bln.

The rise in costs reflects the acquisition of distribution firms as well as increased write-offs connected to the commencement of the operation of atomic power plant Temelin.

(PBJ 01.xii.03)

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