The Czech energy utility CEZ says its internet revenue was $1.3 billion for the three quarters of the yr, a 43% decline from a yr in the past

ByThe Related Press

November 9, 2023, 1:42 AM

PRAGUE — The Czech energy utility CEZ stated on Thursday its internet revenue within the first three quarters of the yr reached 29.8 billion Czech crowns ($1.3 billion), 22.5 billion lower than in the identical interval a yr in the past.

The nation’s foremost electrical energy producer attributed the 43% decline to a windfall tax on earnings launched as costs for vitality soared.

The Czech state, which has an nearly 70% stake within the firm, will obtain as much as 125 billion Czech crowns from CEZ this yr in dividends, earnings taxes and levies on manufacturing gross sales, together with a windfall tax, the corporate stated.

It’s 5 billion greater than anticipated in August.

CEZ chief government Daniel Benes stated the outcomes mirror “the gradual stabilization on vitality markets.”

Final yr, the corporate’s revenue soared on an unlimited rise in costs brought on by the Russian invasion of Ukraine, greater revenue from commodity buying and selling on international markets and excessive operational reliability in its energy crops.

That resulted in document dividends of 145 Czech crowns per share.

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