Latest News

Lower CEZ profit caused by deferred tax, CFO says

Lowerthanexpected thirdquarter revenue at Czech electrical energy manufacturer CEZ was generally caused by greater deferred tax caused by the company's. choice to utilize an accelerated depreciation curve for its coal. properties, Chief Financial Officer Martin Novak said on Tuesday.

Novak told Reuters and Bloomberg that the deferred tax would. turn into favorable in the future, since it is currently based. on a 60% windfall tax rate on top of normal tax, which will. expire at end of 2025.

The faster velocity route preserves coal exit horizon of. 2030 but brings more of the diminished worth to the nearby. years, which matches the expected decrease of utilisation of the. coal plants towards the final year of operation, Novak said.

CEZ posted third-quarter changed net earnings of 3.7 billion. crowns ($ 155.23 million), versus 6.1 billion anticipated in a. Reuters poll, however raised its outlook.

Novak likewise stated CEZ expected to close the sale of its two. Polish coal plants, revealed on Tuesday, in the very first quarter. of 2025, with favorable impact on CEZ's bottom line.

(source: Reuters)