EARNINGS POLL-Czech CEZ Q1 net seen rising 18 pct

                                
 * CEZ <CEZPsp.PR> Q4 2007 earnings
                                
 * Due on May 15 before 09:30 a.m. (0730 GMT)
                                
 * Q1 net profit average estimate 14.92 bln crowns ($924 mln)
                                
 
                                
 By Jan Korselt
                                
 PRAGUE, May 13 (Reuters) - Czech power group CEZ <CEZPsp.PR>
is expected to post 18 percent growth in first-quarter net
profit on rising electricity prices and higher power
consumption, a Reuters poll showed on Tuesday.
                                
 Twelve analysts gave an average estimate for net profit at
the biggest listed central-European company of 14.92 billion
crowns ($924 million), up from 12.68 billion in the year-ago
period.
                                
 Revenue was seen 14 percent higher year on year at 50.45
billion crowns and core earnings before interest, tax,
depreciation and amortisation (EBITDA) at 25.43 billion crowns,
up 17 percent.
                                
 "As usual, the performance will be driven by the 16 percent
year-on-year increase in electricity prices and really strong
spot prices," said Ceska Sporitelna, a unit of Erste Bank.
                                
 In the January-March period, electricity consumption rose by
4.6 percent overall in the Czech Republic, CEZ's main market,
though that was distorted by a low comparison base due to
unusually warm weather last year.
                                
 Analysts said CEZ also profited from higher output at its
nuclear plants after a series of modernisations and two-month
shutdown at one of the two 1000-megawatt units of the Temelin
plant last year.
                                
 CEZ shares have risen 12 percent over the past year, helped
by a 10 percent, one-year share buyback, completed this month.
The stock outperformed the Czech bourse's PX index <.PX>, which
dropped 10 percent over the period.
                                
 The 65 percent state-owned, low-indebted firm plans another
buyback of up to 10 percent stake this year due to lack of
acquisition opportunities in central and eastern Europe.
                                
 
                                
 Consolidated figures in billions of crowns:  Q1/08
                                
                    Average   Median      Range        Q1/07
 Revenues*              50.45     50.38    48.18-52.98    44.12
 Core profit (EBITDA)   25.43     25.62    23.99-27.17    21.74
 Oper profit (EBIT)     19.86     20.07    18.33-21.52    16.32
 Net profit             14.92     15.08    12.86-16.65    12.68
                                
 
                                
 NOTE - The following banks and equity houses took part in
the poll: Atlantik FT, BH Securities, Cyrrus, Deutsche Bank,
Erste Bank/Ceska Sporitelna, ING Wholesale Banking, KBC/Patria
Finance, Komercni Banka, Raiffeisenbank, Sal.Oppenheim,
UniCredit Global Research, Wood & Company.
                                
 * Estimate for revenues was provided by 10 analysts.
  (Editing by David Hulmes)