On the backdrop of lower electricity production, Hidroelectrica’s profit fell 12% to RON560 million, from RON635 million in January-May 2015.
At the same time, the gross profit margin rose from 40% in 2015 to 43% in 2016, the company said.
Hidroelectrica, controlled by the state through the Energy Ministry, could exit insolvency today.
The company went insolvent in June 2012 after it sold electricity outside the energy exchange at prices below market levels. The company was court-ordered into a second insolvency process in February 2014, less than eight months after completing a one-year reorganization process.
“In the four years of insolvency, Hidroelectrica underwent a radical restructuring and efficiency process. Following this process, Hidroelectrica became the most profitable company in Romania, registering an EBITDA of 63% of the turnover in the last three years,” said Remus Borza, the representative of Hidroelectrica’s legal administrator Euro Insol.