Transelectrica Sees Net Profit Fall 7% In First Half

08.14.2015 By Bogdan Neagu

Romanian power grid operator Transelectrica (TEL.RO) reported a net profit of 210.4 million lei (EUR47.4 million) for the first half, 7% lower on the year, despite increase in operating revenue and transmitted energy quantities, according to the company’s financial report released Friday.

In the first six months of 2014, the state-run company posted net profit of RON226.2 million.

Transelectrica billed 26.27 megawatt-hours of electricity in the first half, up 3.2% from 25.45 MWh in the same period of 2014.

The higher electricity volumes led to an 8.1% increase in operating revenue to RON1.4 billion, with the company also gaining from increased exports. The final result was hurt, however, by the negative result of RON32 million of the zero-profit segment, namely the balancing market.

Moreover, the negative currency exchange differences increased the company’s financial costs, adding a net financial result of minus RON2 million, from a positive RON19.8 million in the first six months of 2014.

Transelectrica said Romania’s net power output rose 4% on the year in the first half, with domestic consumption rising 3%. Hydro and renewable power sources covered almost half of the country’s electricity production, with 17% coming from nuclear power and 34% ensured by thermal power plants.