PRAGUE (AP) — The Czech power company CEZ on Thursday reported net profit of 16.5 billion Czech koruna ($779 million) in the first half of the year, down from 21.1 billion in the same period last year.
The results exceeded expectations and the company increased its profit outlook for this year from a range of 25-29 billion Czech koruna to 26-30 billion, chief executive Daniel Benes said.
The Czech state has an almost 70% stake in the company.
CEZ’s 2024 net profit was 30.5 billion Czech koruna.
The company, along with the Czech government, jointly own an enterprise that signed a deal earlier this year with the state-run South Korean KHNP power utility to build two nuclear reactors in the European country in an $18 billion deal.
The two new reactors will be built at the existing Dukovany power plant owned by CEZ as the country seeks to wean itself off fossil fuels.
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