In January-June last year, the company posted a net profit of RON209.1 million.
“The electricity supply segment continued to be profitable, despite a decrease in revenues due to lower electricity volumes sold to the end-consumers, reflecting a decline in national electricity consumption,” Electrica’s general manager Ioan Rosca said in a statement.
Electrica said total revenues fell 12% on the year to RON2.3 billion in the first six months of 2014. The revenues from the distribution segment increased 1.5% year-on-year, but the supply posted a 15% annual decline.
Consolidated earnings before interest, taxes depreciation and amortization, or EBITDA, rose 10.8% to RON466 million.
In June, Electrica has raised RON1.95 billion in an initial public offering of 51% of its shares in Bucharest and London. The proceeds will be used to co-finance the company’s investments in 2014-2018, which are projected at around RON6.2 billion.
Electrica is 48.8%-owned by the state, through the government’s General Secretariat.
At around 1:20 pm, Electrica’s shares traded flat at RON11.02 in Bucharest. (EUR1=RON4.4372)