EARNINGS POLL-Czech CEZ net profit seen up 10.6 pct in Q1

                                
 * CEZ <CEZPsp.PR> Q1 earnings
                                
 * Due on May 13 at 0630 GMT
                                
 * Q1 net profit seen at 17.16 bln crowns ($875.5 million)
                                
 PRAGUE, May 11 (Reuters) - Czech power firm CEZ <CEZPsp.PR>
is expected to post a 10.6 percent rise in first quarter net
profit after higher wholesale electicity prices compensated for
a drop in demand, a Reuters poll showed on Monday.
                                
 The poll of 12 analysts gave an average estimate for net
profit at 17.16 billion crowns, up from 15.52 billion in the
first three months of 2008.
                                
 Revenue at the biggest central-European listed firm was seen
up 5.0 percent, despite a 3.5 percent drop in demand in the
Czech Republic, the key market for CEZ, which has been hit by a
slump in industrial output as the economic crisis bites.
                                
 CEZ had pre-sold most of its production in the first months
of last year, before the prices of electricity dropped.
                                
 "As a result of electricity prices growth, CEZ's main
segment (of) domestic generation -- a 70 percent contribution to
EBITDA -- will perform stronger year-on-year," said analyst Petr
Novak at Atlantik FT.
                                
 But analysts also said results would be negatively affected
by losses from electricity derivatives after a bankruptcy at
power trader Moravia Energo.
                                
 CEZ has said it had no outstanding debt at the firm, but
would claim a lost profit of 1.5 billion crowns from annulled
deliveries.
                                
 CEZ shares have dropped 29 percent over the past 12 months,
outperforming a 40 percent loss for Prague bourse's PX index
<.PX>.
                                
 But the stock has recovered 50 percent from last October's
lows to trade at 9.3 times expected 2009 earnings, while the
average for the Euro Stoxx utility index <.SX6E> was at 10.8,
according to Reuters data.
                                
 
                                
 Consolidated figures in billions of crowns:
 Q1/09                      Average  Median    Range       Q1/08
 Revenues                    51.02   51.59   44.97-53.67   48.61
 EBITDA                      28.42   28.72   26.16-29.75   27.25
 Operating profit            22.69   23.08   20.64-24.04   21.72
 Net profit incl minorities  17.45   17.50   16.21-18.50   15.73
 Net attributable profit     17.16   17.30   15.64-18.37   15.52
 NOTE - The following banks and equity houses took part in the
poll: Atlantik FT, BH Securities, Citigroup, Cyrrus, Deutsche
Bank, Erste Bank/Ceska Sporitelna, KBC/Patria Finance, Komercni
Banka, Raiffeisenbank, Sal.Oppenheim, UniCredit Global Research,
Wood & Company.
                                
 Estimates for the net attributable profit were provided by
11 analysts, for profit before minorities by 8 analysts.
                                
(Reporting by Jan Korselt; Editing by David Cowell)