Czech electricity giant ČEZ sees drop in Q1 profit

Czech electricity giant ČEZ saw its first quarter net profit drop to 7.3 billion crowns. Earnings before interest, depreciation, and taxes dropped by 1.5 billion crowns to 17.5 billion crowns compared with the same period in 2017. CEZ kept its full year net profit target unchanged at between 12 billion and 14 billion crowns.

The utility, which is around 70 percent state owned, said that its earnings were hit by lower production from its coal-fired power plants and previous fixed prices for electricity.