Nuclearelectrica said its net profit amounted to 60.4 million lei (EUR13.6 million) in January to June, compared with RON196.1 million in the same period of 2013.
Its first-half revenues totaled RON853 million, down 13% on the year, while operating costs increased 9% to RON826.7 million.
As a result, the earnings before interest and tax (EBIT) fell 88% on the year to RON27.2 million.
Nuclearelectrica operates two 700-megawatt reactors at Cernavoda, Romania’s sole nuclear power plant, which covers around 20% of the country’s energy consumption.
“The revenues from the sales of electricity were of RON783.1 million (minus 11% year-on-year) and the quantity of energy sold was 5.2 TWh (minus 1.8% year-on-year),” Nuclearelectrica said in a statement.
The company said the decrease in profitability was mainly caused by “the lower selling prices on competitive markets (minus 20% y/y) and by the impact of tax on special construction amounting RON44.7 million in 1H 2014 (nil in the same period of 2013). Moreover, significant revenues from penalties have no longer been incurred (RON40 million in 1H 2013).”
The Romanian Economy Minister owns 81.27% in Nuclearelectrica, whose shares are listed on the Bucharest stock exchange. Thursday morning, Nuclearelectrica traded down 4.1% after announcing its financial results. (EUR1=RON4.4347)