Cost control and higher power prices helped offset the decline in power production, says Bogdan Nicolae Badea, chairman of the board of directors.
“Gross profit stands at more than RON1.5 billion. It is probably the best profit since Hidroelectrica’s exit from insolvency,” Badea said at the ZF Power Summit ‘18 edition. Hidroelectrica went insolvent in 2012 and stayed like that with a short hiatus until the summer of 2016.
Hidroelectrica had budgeted RON3.1 billion revenue for 2017, down 8% on 2016, as well as RON1.2 billion gross profit, 20% lower than in 2016.
Although Badea did not reveal the other financial indicators, he did say the results were better than budgeted. (EUR1=RON4.6613)
(English version by Loredana Fratila-Cristescu)