ČEZ posts record profit for 2008

Czech power giant ČEZ has announced a record net profit of 47.4 billion crowns in 2008, an increase of 11 percent on the previous year. The company predicts this year’s profits will rise even higher, to 50.2 billion crowns. This is largely thanks to the fact that it sold a lot of this year’s power production at high prices before the financial crisis hit. The almost 70 percent state-owned company says it will scale back its acquisition ambitions for the moment because of the crisis by removing Russia and Ukraine from its target areas.