The figure is sharply below a net profit of RON292.3 million reported in 2010.
Hidroelectrica incurred a net loss of RON27.9 million from currency rate fluctuations and expenses with interest rates, the company said in its revised yearly financial report.
The company posted total sales of RON3.01 billion in 2011, down 7.6% from RON3.26 billion a year earlier. The sales were revised up from RON2.9 billion estimated in February.
“Sales were down compared with 2010, due to a 50% decrease in production on the backdrop of a severe draught,” Hidroelectrica said.
It said electricity output fell to 14.7 GWh in 2011.
The company sold around half of its electricity produced in 2011 outside the energy exchange OPCOM, via direct bilateral contracts. Under the contracts, signed between 2001 and 2003, Hidrolectrica offers companies electricity at prices sensibly below market rates.
Some of the company’s bilateral contracts are being reviewed by the European Commission and by Romania’s antitrust body.
Hidrolectrica reported revenues of RON3.18 billion in 2011, down 6.7% on the year, while costs increased 4% to RON3.14 billion.
Romanian Economy Ministry owns 80.05% in Hidroelectrica, while investment fund Fondul Proprietatea (FP.RO) has 19.94% of its shares. (EUR1=RON4.4616)