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ČEZ’s net profit falls 45% for the first three quarters of 2018

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State owned energy giant ČEZ’s net profit fell 45% on a year-on-year basis to CZK 9.1 billion, for the first three quarters of 2018, according to Hospodářské noviny. Revenues in the same period amounted to CZK 129.3 billion, and amounted to a 4% increase, based on ČEZ’s new accounting methodology, but were down in real terms.

ČEZ’s profits are down in 2018 in comparison to 2017 because profits in 2017 received an artificial bump due to ČEZ’s divesting of shares abroad, and from the sale of property in Prague. The outlook for ČEZ remains positive, as the Czech government considers building a new nuclear plant and elongating the life of the Dukovany reactor.

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