Borza, former head of the company’s Supervisory Board, said the average gross wage currently stands at RON4,600, lower from RON5,200 when the company entered insolvency in June 2012.
Borza also said the company will continue to reduce its staff in 2014 in order to keep tight grip on spending. Hidrolectrica had 5,239 employees when it entered insolvency and currently employs 4,200 people. The employees made redundant will receive 24 wages at most as severance pay.
Hidroelectrica is expected to post more than 900 million lei (EUR201 million) profit in 2014, equal to the company’s income for the past 11 years, Borza also said Friday.
Borza, owner of the Euro Insol company which managed Hidroelectrica during a yearlong insolvency process, Friday held his last press conference as a representative of the hydropower company.
Hidroelectrica emerged from insolvency in June 2013.
As of December, the company is run by a new supervisory board, headed by George Cristodorescu, former deputy general manager of E.ON Romania. Borza did not run for an executive position at Hidroelectrica.
Hidrolectrica has 80.06% of its shares held by the Energy Department, while investment fund Fondul Proprietatea owns a 19.94% stake.