Prague  - The Czech power giant CEZ recorded a net profit of 15.7 billion koruny (973.3 million dollars) in the first quarter of 2008, up by 21.2 per cent year-on-year, the company said Thursday.

The energy firm said the earnings came on revenues of 48.6 billion koruny, up 10.2 per cent from the first quarter of last year.

The results were mostly fuelled by a spike in consumption and electricity prices, the company said.

The power firm said its first-quarter production, both at home and abroad, rose to 18.8 terrawatt hours, an annual increase of 2 per cent.

The company said it expects its year-on-year net profit grow by 9 per cent to 46.6 billion koruny in 2008.

The state-controlled CEZ said it spent 67.3 billion koruny on buying back some 10 per cent of its shares and plans to have most of them cancelled.

CEZ is the Czech Republic's most profitable company and has been on an investment spree across the former Eastern bloc in recent years. (dpa)