CEZ’s profits fall 40 percent y-o-y in first half of 2014

The semi-state energy group CEZ saw a 40 percent fall in year-on-year profits in the first half of 2014, according to a statement posted on its website. However, the company still made a profit of CZK 17.2 billion between the start of January and the end of June. Its revenues reached CZK 101.7 billion, 10 percent down on the same period in 2013. CEZ CEO Daniel Beneš attributed the sharp fall in profits to a relatively mild and dry winter.