by Staff Writers
Prague (AFP) Aug 9, 2016
European energy heavyweight CEZ said Tuesday its net profits for the first half of 2016 had fallen by 10 percent against a year ago due to a drop in energy prices.
The Czech state-run power group, which ranks among Europe's top electricity exporters, earned 13.8 billion koruna (511 million euros, $566 million) on sales of 98.9 billion koruna, down five percent.
"The main reason (behind lower profits) is the lower sales price of the power we produce," the company said in a statement.
The company, which is 70 percent controlled by the Czech state, was also hurt by shutdowns at its two nuclear power stations, Dukovany and Temelin, for safety checks.
Its power output fell by one percent against a year ago to 31.8 terawatt-hours in the first half.
Listed in the Czech Republic, Germany and Poland, CEZ employs more than 26,000 people.
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