The Bulgarian Energy Holding (BEH) company, which pools all state-owned energy assets, said it has posted a consolidated net loss of 77.5 million levs ($44.4 million/39.55 million euro) in 2016, compared to a net profit of 137 million levs in the previous year.
The results in 2016 have been negatively affected by the compensation which Bulgaria paid to Atomstroyexport for the equipment manufactured by the Russian company for the scrapped Belene nuclear power plant project, according to BEH's 2016 financial statement posted on the company's website.
The sum was awarded to Atomstroyexport by the International Court of Arbitration in Geneva, which in 2016 ruled that NEK must pay 601.6 million euro ($676.1 million) to the Russian company as compensation for ditching the project for the construction of a nuclear power plant in Belene, on the Danube river.
BEH's sales revenue fell by 9.19% to 6 billion levs in 2016 due to macroeconomic processes which led to lower selling prices and volumes, the company said.
Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 21.86% to 608 million levs in 2016.
BEH's revenues come mainly from distribution, storage and sale of natural gas, electricity and coal.
(SEENews)
