PRAGUE, March 21 (Reuters) - Czech electricity producer CEZ proposed on Tuesday paying a dividend of 33 crowns per share for 2016, down from 40 crowns the year before, after reporting a 29 percent drop in full-year adjusted net profit.
Adjusted profit, stripping out one-offs, fell to 19.6 billion crowns ($782.6 million) from 27.7 billion crowns the year before, but beat CEZ’s own guidance and analysts’ estimates.
CEZ, 70 percent owned by the Czech state, said it expected adjusted net profit to fall further in 2017 as low electricity prices bite, forecasting it at 12 billion to 17 billion crowns.
The higher estimate includes potential income of 4.8 billion crowns if holders of CEZ convertible bonds redeem the paper in exchange for shares the company has in Hungarian oil group MOL instead of cash this year, it said.
$1 = 25.0440 Czech crowns Reporting by Jason Hovet; Editing by Mark Potter