Czech electricity producer CEZ on Thursday firmed up its net profit forecast for 2017, getting nearly the full amount that had been expected from severing ties with Hungarian group MOL. However, CEZ, central Europe’s largest listed utility, still expects an eighth straight year of deteriorating profit as it and other European power groups face weaker wholesale electricity markets, according to Reuters.

It reported a 12 percent drop in first-quarter adjusted net profit to 8.8 billion crowns on Thursday and said it expected the full-year result at 17 billion crowns ($697 million). In 2016, CEZ posted adjusted net profit, which strips out extraordinary effects and from which dividends are paid, of 19.6 billion crowns.

CEZ will get 3.3 billion crowns for selling the MOL shares and redeeming bonds, along with an additional 1.2 billion crown gain for recognising the revaluation of its MOL options in 2017 revenue, it said.

Revenue also came above expectations, rising 2 percent but earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 5 percent. CEZ confirmed its guidance for full-year EBITDA to fall 10 percent to 52 billion crowns.