Edition:
India

CEZ Q3 net profit lower than expected, revises outlook


Tuesday, 12 Nov 2019 

Nov 12 (Reuters) - CEZ as ::CEZ 9M NET PROFIT CZK 13.6 BILLION.CEZ EXPECTS FY 2019 EBITDA CZK 58 BILLION (PREVIOUS GUIDANCE CZK 57-59 BILLION).CEZ EXPECTS FY 2019 ADJUSTED NET PROFIT CZK 17-18 BILLION (PREVIOUS GUIDANCE CZK 17-19 BILLION).CEZ SAYS HAS PRE-SOLD 78% OF 2020 OUTPUT AT AVERAGE PRICE EUR 43.2 PER MWH (PREVIOUS EUR 42.3 PER MWH BY END-JUNE).CEZ SAYS HAS PRE-SOLD 48% OF 2021 OUTPUT AT AVERAGE PRICE EUR 45.4 PER MWH (PREVIOUS EUR 43.6 PER MWH BY END-JUNE).CEZ 9M NET ADJUSTED PROFIT CZK 14.7 BILLION, UP 30%.CEZ Q3 ATTRIBUTABLE NET PROFIT CZK 0.1 BILLION VERSUS CZK 2.21 BILLION SEEN IN REUTERS POLL.CEZ Q3 REVENUE CZK 48.03 BILLION VERSUS CZK 50.02 BILLION SEEN IN REUTERS POLL.CEZ Q3 EBITDA CZK 9.8 BILLION VERSUS CZK 11.42 BILLION SEEN IN REUTERS POLL.CEZ Q3 ADJUSTED NET PROFIT CZK 0.5 BILLION VERSUS CZK 2.09 BILLION SEEN IN REUTERS POLL.CEZ EXPECTS FY 2019 TRADITIONAL ENERGY PRODUCTION AT 63.3 TWH (PREVIOUS OUTLOOK 64.6 TWH).CEZ SAYS CHANGED OUTLOOK DUE TO FULFILLED RISK OF RETURNING SZDC PAYMENT, HIGHER PROFIT ON COMMODITY TRADING AND HIGHER MARGIN ON ELECTRICITY SALES.CEZ SAYS ON ROMANIA SALE PROCESS, INDICATIVE OFFERS EXPECTED BY END OF YEAR, MORE THAN 30 PROSPECTIVE BUYERS EXPRESSED INTEREST.CEZ SAYS ON ROMANIA ASSETS SALE, EXPECT BINDING BIDS TO BE SUBMITTED IN Q2 2020, TRANSACTION COMPLETION IS EXPECTED IN H1 2021. 

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