Bulgarian Energy Holding raises pre-tax profit by 53% y/y in Jan-Oct.

By bne IntelliNews December 8, 2009
The pre-tax profit of the state-run Bulgarian Energy Holding (BEH) increased by 53% y/y to BGN 367.3mn (EUR 187.8mn) in Jan-Oct, according to information posted on its website. The growth rate slowed from 77.6% y/y in Jan-Sep. The holding posted a BGN 36.3mn pre-tax profit in October and only two of the companies in the holding structure posted losses in October: the nuclear plant in Kozloduy due to planned repair (BGN 2.2mn) and the telecom arm Bulgartel (0.24mn). In Jan-Oct, the revenues contracted by 1.7% y/y to BGN 3.95bn due to reduced electricity and natural gas consumption. Operating expenditures were by 4.6% lower as compared to one year earlier. BEH was set up in September last year 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. Recently, finance minister Simeon Dyankov said that the cabinet plans to offer stakes from the power system operator NEC and the natural gas transmission system operator Bulgartransgaz on the stock exchange.

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