Bulgarian Energy Holding 2009 net profit up by 40%.

By bne IntelliNews April 8, 2010
The net individual profit of state-run Bulgarian Energy Holding (BEH) increased by 40% to BGN 72.5mn (EUR 37.1mn) last year, according to information posted on its website. The company cut expenditures to BGN 9.8mn last year from BGN 25.5mn in 2008 while financial revenues surged to BGN 27.2mn from BGN 5.3mn respectively. BEH was set up in September 2008 and comprises the natural gas supplier Bulgargaz, natural gas transmission utility Bulgartransgaz, the telecom arm Bulgartel, NEC, the nuclear power plant in Kozloduy, thermo-power plant Maritsa East II, and coalmine Maritsa East. BEH has not provided full-year consolidated figures yet. According to the latest data, the pre-tax consolidated profit of BEH increased by 53% y/y to BGN 367.3mn in Jan-Oct. Revenues dropped 1.7% y/y to BGN 3.95bn due to reduced electricity and natural gas consumption, and operating expenses fell 4.6% compared to the same period last year.

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