Bulgarian Energy Holding with BGN 331 M Profit for Q1-Q3 2009

Energy | October 29, 2009, Thursday // 16:00|  views

Bulgaria Energy Holding Group announce increased profits for the first nine months of 2009. Photo by Mini Maritsa

The companies that make up Bulgarian Energy Holding Group announced profits of BGN 331 M for the first nine months of 2009.

This is some BGN 144,6 M more than for the same period last year. Growth in earnings during September increased by BGN 22 M. At the end of August, BEH had reported a profit of BGN 309 M.

In September, the best financial results came from Maritsa East 2 (Maritsa Iztok 2) thermal power plant, with an increase in profits of BGN 7,2 M to BGN 87,7 M.

Bulgargaz showed a monthly profit of BGN 5,8 M and reached BGN 67,4 M, while its subsidiary Bulgartransgaz reported a BGN 4,3 M profit for the month and BGN 69,2 for the nine-month period.

The financial results of the National Electric Company and of Maritsa East Mines (Mini Maritsa Iztok) also improved. The electricity company reported a BGN 1,1 M decrease in loss, showing continuing a trend of improvement, as already registered in August.

Mini Maritsa East decreased its debt by BGN 3,9 M to post a loss of BGN 18,6. Due to planned reconstruction work in September, the 6th block of Kozloduy power plant stopped work temporarily, a factor that led to a BGN 3,9 M decrease in the financial results of the atomic power station.

Thsee improved financial results of the group are due both to increased incomes from sales and to an rationalization of operating expenses.

Analysis of the results shows that the BEH policy to decrease and rationalize expenses and for preventive control of its cash flow, contributed to both the effective management of the companies and the improvement of their financial situation.

Thanks to its effective management, the BEH Group registered an overall decrease in operational expenses of 3,5% for the nine months, compared to the same period in 2008.

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Tags: financial results, Bulgargaz, Bulgartransgaz, Mini Maritsa, Maritsa Iztok 2, BEH Group, Bulgarian Energy Holding, BEH


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