CEZ Profit Falls on Low Power Prices, Decreased Output

CEZ AS, the largest Czech utility, said its first-quarter profit fell 44 percent on low electricity prices, reduced income from its Romanian wind park and an output drop after it disposed of a power plant last year.

Net income dropped to 9.9 billion koruna ($497 million) from 17.9 billion koruna a year earlier, the Prague-based company said today in an e-mailed statement. That missed the average estimate for a profit of 11.3 billion koruna by 12 analysts in a Bloomberg survey.