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28.04.2017 12:45
Bulgarian Energy Holding Posts BGN 80 M Loss on Consolidated Basis
BEH’s consolidated results for the first quarter of 2017 however show that the holding has a profit of BGN 100 m

  • Petyo Ivanov, CEO of BEH

The state-run Bulgarian Energy Holding (BEH) which comprises a number of the country’s leading electricity producers, alongside gas and power incumbents, and grid operators, has posted a consolidated loss of BGN 80 m (about EUR 40 m). BEH CEO Petyo Ivanov said a month earlier in an interview with Utilities Magazine that he estimated the loss to reach a little over BGN 50 m. The higher-than-expected loss is largely due to the depreciation of a 100 per cent of BEH’s receivalbles from Corporate Commercial Bank (CCB) which underwent bankruptcy.

BEH’s consolidated results for the first quarter of 2017 however show that the holding has a profit of BGN 100 m. CEO Ivanov stated that he expected BEH to see further improvement in 2017, mainly due to the closure of the cases on Belene NPP reactor payments to Russia’s Atomstroyexport, and CCB.

TAGS: Bulgarian Energy Holding | BEH | financial statement | profit | loss | consolidated results | energy | Bulgaria | Corporate Commercial Bank | Belene NPP 

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