ČEZ records surprise raise in Q1 profits of 23 percent

In business, Czech electricity maker ČEZ said on Wednesday that first-quarter profits were up by 23 percent, beating analysts’ estimates, on the back of higher wholesale prices and one-off gains. The company said net profit rose to almost 19.1 billion crowns (around 969 million USD), up from 15.5 billion crowns one year ago. First-quarter profits were helped by a rise of around 1.1 billion crowns in earnings from emissions allowances, as well as a revaluation of its shares in Hungarian oil and gas group MOL, a ČEZ spokesperson said. The results defied the predictions of analysts, who had expected the energy giant to have been hit by the current Czech economic downturn.

Author: Rosie Johnston