Sat, Feb 11 2012

Bulgarian Energy Holding boosts profit by 29.3 per cent

Thu, Sep 03 2009 10:11 CET

byDnevnik.bg

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Bulgarian Energy Holding boosts profit by 29.3 per cent

Photo: Julia Lazarova

Bulgarian Energy Holding, which bundles the country’s top energy assets, unveiled a 29.3 per cent increase in the profit of its companies in July 2009.

The improvement was credited on rosier results at Bulgartransgaz, Maritsa East 2 coal-fired power power, gas distributor Bulgargaz and Kozloduy nuclear power station. A smaller loss by national power grid operator NEK provided further help.

The after-tax profit of the companies in the BEH group added up to 255.8 million leva and operating revenue went up by 12 per cent.

Incorporated in September 2008, BEH runs assets worth about 8.5 billion euro.

It came under fire under the new Government dominated by right-of-centre party GERB, which won the July 5 2009 national parliamentary elections.

Audits ordered by the new Cabinet discovered abuse at the state-controlled mining company, whose executive directors were sacked.

NEK’s management was accused of inaction that has plunged the company deeper in the red and has rendered a 250 million euro loan from BNP Paribas to finance the Belene nuke project repayable immediately.

Source: Dnevnik.bg

 

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