CEZ profits jump 9% for first half of 2020

Before tax profits at the Czech energy company CEZ rose 9 percent in the first half of 2020 to CZK 14.7 billion. EBITDA rose 11 percent to CZK 38.7 for the period, as the company reported that the pandemic had only a limited impact on its results. At the same time, CEZ raised its profit forecast for 2020 from between CZK 19 billion and CZK 22 billion to as much as CZK 23 billion. The company benefited from higher than expected forward contracts for energy to Germany as well as additional profits from the sale of commodities. The numbers for CEZ were positive despite an overall decrease of 5 percent in electricity consumption during the first half of the year. Consumption by large companies fell 9.7 percent, however household use rose 4.2 percent. Overall, electricity consumption fell 10.7 percent year-on-year in the second quarter.