The ČEZ energy group released its results for the first half of this year—net profit rose by 10 percent to 18.1 billion crowns, with the end of the windfall tax playing a key role. The Prague Stock Exchange edged lower on Monday, with the PX index falling 0.33 percent, although ČEZ shares actually rose the day before the results were released. The harvest in the Czech Republic is drawing to a close; farmers have about five percent of their grain fields left to harvest. The Prague Stock Exchange continues its strong run this August and closed at an all-time high at the beginning of the month.
Energetická skupina ČEZ in the first half of this year reported a net profit of 18.1 billion Czech koruna, which is ten percent more than last year. The growth was mainly driven by the cessation of levying windfall tax on unexpected profits, so-called windfall tax, which had significantly burdened the group's results in previous periods. In contrast to last year, operating profit and total company revenues declined.
The Prague Stock Exchange weakened slightly on Monday. The PX index fell by 0.33 percent to 2775.97 points. It was not going well for defense stocks or Moneta either. On the other hand, ČEZ energy company shares strengthened a day before the publication of semi-annual results. The koruna stagnated against both euro and dollar over the weekend.
Harvest in Czechia is nearing its end. Farmers remain to harvest about five percent of grain fields and 2.5 percent of rapeseed areas, according to today's Ministry of Agriculture citing data from the State Agricultural Intervention Fund. In several districts across the Czech Republic, farmers have already completed their harvesting. Compared to last year, this year's harvest is significantly faster — last year at this time farmers had harvested 58 percent of grain fields and about three quarters of rapeseed. According to the Ministry, sunny weather has accelerated this year's harvest.
Prague Stock Exchange entered August in strong momentum — adding nearly three percent over the first two weeks of August and last closed at a historical high of 2805.12 points on Thursday, August 7th. Analysts from J&T Bank noted in their weekly review that investor optimism was bolstered by easing tensions in the Middle East, falling oil prices, and continuing solid earnings season for Czech companies.
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