CEZ Posts EUR24.7M First Quarter EBITDA In Romania

05.10.2011 By Andrei Circhelan

Czech utilities group CEZ posted first-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) worth CZK600 million (EUR24.7 million) in Romania from production, trading, distribution and supply, according to results published Tuesday.

The Power Production and Trading South-East Europe division posted in Romania EBITDA worth CZK300 million (EUR12.3 million) in the first quarter from break-even in the same period of 2010, while the Distribution and Sales South-East Europe division reported a 50% decline in Romanian EBITDA, to CZK300 million.

CEZ entered the Romanian energy market in 2005, when it took over state-owned Electrica Oltenia. The group's local units are CEZ Distributie, CEZ Vanzare and CEZ Servicii.

It also invested in wind power projects in the southeastern part of the country.

CEZ posted a Romanian revenue of some CZK10.1 billion in 2010, up 4% from CZK9.7 billion a year earlier.

Energy distribution and supply earnings before interest, taxes, depreciation and amortization, or EBITDA, rose to CZK2.4 billion last year from CZK2.1 billion in 2009. The energy production and trading yielded EBITDA worth some CZK300 million in 2010, from a negative result of CZK200 million in the previous year.

For this year, the company expects a 15% decline in net profit, to CZK40.1 billion and EBITDA worth CZK84.8 billion, down 5% on the year. (EUR1=CZK24.22)