Transelectrica 1Q Net Profit Triples To RON161M

05.09.2011 By Andrei Circhelan

Romanian state-owned power grid operator Transelectrica (TEL.RO) Monday reported a net profit of 160.8 million lei (EUR39 million) for the first quarter of the year, more than triple the result posted in the year-earlier period, following cost reduction measures.

In the first quarter of 2010, Transelectrica posted net profit of RON50.3 million.

Revenue rose 10.8% on the year, to RON811.6 million, fueled by a 11.7% increase in transported electricity volumes, Transelectrica said in its financial report.

It said overall costs dropped 6.7%, to RON615.8 million, as the company couldn't spend as planned because its budget for 2011 wasn't approved in due time.

The company's sales reached RON750.8 million, up 7.8% from RON696 million in the first quarter of 2010.

The results were calculated under Romanian accounting standards, and they are unaudited.

The company is 73.68% owned by the Economy Ministry, while investment fund Fondul Proprietatea (FP.RO) holds a 13.49% stake.

Transelectrica shares closed down 0.14% Monday, to RON20.99. (EUR1=RON4.1039)