Czech utility ČEZ records steep drop in Q2 revenue, profit
Czech utility ČEZ's second quarter revenues and profit dropped sharply despite increased electricity production due to higher wholesale electricity and emissions prices after forward selling production at lower levels. ČEZ said however that the hit from its hedging operations should dissipate in the second half of the year.
The Prague-listed company’s revenues dropped to 40.9 billion crowns in the second quarter, compared with 48.1 billion in the same period in 2017. Net profit for the quarter dropped to 0.5 billion crowns taking half-year net profit to 7.7 billion crowns, down 54% compared year on year.