Bulgaria’s TPP Maritsa 3 pares H1 non-cons net loss

Sofia: Bulgarian thermal power plant (TPP) Maritsa 3 [BUL:MR3] said it cut its standalone net loss to 1.38 million levs ($765,628/705,580 euro) in the first half of 2024 from 8.54 million levs in the same period last year on the back of lower expenses.

The company’s overall revenue slumped to some 5.74 million levs in the first six months of this year from 31.56 million levs a year earlier, TPP Maritsa 3 said in an interim financial statement on Thursday. Product sales contributed 3.8 million levs in revenue, marking an 82% annual decline.

The coal-fired power plant narrowed its operating expenses to 7.12 million levs in the review period from 40.1 million levs in January-June last year. Costs for materials went down to 2.76 million levs from 25.22 million levs, while expenses for hired services, amortisations, remuneration and interest also fell significantly.

The plant, which has one functioning 120-MW unit, is located in the town of Dimitrovgrad in southern Bulgaria.

Shares in TPP Maritsa 3 last traded at 134.628 levs on the Bulgarian Stock Exchange’s BaSE market, bourse data show.