In the first three months of 2013, the company posted a net profit of RON62.4 million and sales of RON1.4 million.
Electrica said consolidated earnings before interest, taxes, depreciation, and amortization, or EBITDA, rose to RON222 million in the first three months of 2014, from RON180 million in the year-earlier period.
The results are, audited, computed under IFRS and do not include Electrica’s minority stakes in other companies.
Following a reorganization process earlier this year, Electrica transferred all the minority participations it held in its former units to a newly established company, whose sole purpose is to manage those assets.
Electrica runs three distribution units, a service and maintenance company and a supply unit, which delivers electricity to some 3.6 million customers nationwide.
The company is fully controlled by the state, through the Economy Ministry.
The ministry plans to sell a 51% in Electrica next month via a dual initial public offering in Bucharest and London. The authorities hired a consortium comprising BRD, Citigroup, Raiffeisen Capital&Investment, Societe Generale and Swiss Capital to assist with the IPO.
The state hopes to raise over EUR400 million in the sale. (EUR1=RON4.3986)