UPDATE 1-Czech CEZ Q2 net beats forecast, keeps outlook

...

Central Europe's largest power company CEZ beat expectations with a 32 percent rise in second quarter net attributable profit, and the company on Wednesday maintained its full-year outlook.

The 7.82 billion crown ($379.6 million) net result beat the average expectation of 7.05 billion crowns in a Reuters poll of nine analysts.

Revenues rose to 39.04 billion crowns from 33.76 billion a year ago, lagging the average forecast of 39.66 billion.

Operating profit (EBIT) rose 29 percent to 11.01 billion, beating the forecast of 10.48 billion.

The company maintained its full-year outlook for earnings before interest, tax, depreciation and amortisation (EBITDA) of 70.9 billion crowns and net profit of 35.1 billion crowns, before minorities, despite a warm winter which has hurt sales.

Chief Finance Officer Petr Voboril said in a statement the company would make up for sales erosion caused by warm weather in the winter, with savings.

"We want to confirm that the savings are realistic, therefore we expect that we will present a new profit outlook along with third quarter results," he said.

CEZ shares dipped 0.73 percent to 1,090 crowns at open, slightly outperforming the main PX index which lost 1 percent.

[PRAGUE/Reuters/Finance.cz]