Czech power utility ČEZ’s net profit dropped by 12.3 percent last year

The Czech power utility ČEZ’s net profit dropped by 12.3 percent year-on-year last year to 35.2 billion crowns, the state-run firm said on Thursday. The company’s revenues in 2013 increased by one percent to 217.3 billion. ČEZ’s operating profit before depreciation and amortization, meanwhile, dropped by 4.4 percent to 82.1 billion crowns. The company quoted low wholesale electricity prices, economic stagnation in Europe and an uncertain regulatory outlook as the main reasons behind the drop in its profit. This year, ČEZ expects its net profit to further decrease to around 27.5 billion crowns.