In January-June 2012, state-owned Transelectrica posted net profit of RON20.4 million.
The company’s operating revenue fell 23.4% on the year to RON1.1 billion, mainly due to a decrease by RON361.7 million of the revenues from the balancing market, according to Transelectrica’s financial report.
The balancing market ensures equilibrium between electricity generation and consumption, in real time and in a competitive system, and it is a non-profit operation for Transelectrica. Thus, the balancing market expenses fell by a similar amount, and the company’s operating costs were down to RON625.3 million in January-June, from RON1.04 billion in the year-ago period.
Thus, Transelectrica’s earnings before interest and tax, or EBIT, almost doubled to RON129 million, from RON65.1 million in the first half of 2012.
The power grid operator said its earnings before interest, tax, depreciation and amortization, or EBITDA, stood at RON297.7 million in January to June, compared to RON221.6 million in the same period of the previous year.
The volume of delivered electricity fell 4.1% year-on-year to 26.2 million megawatt hours, but transport revenue went up 8.5% as tariffs increased 12.7% during the period, the company said in its report.
Romania’s Economy Ministry owns 58.69% in Transelectrica, while investment funds Fondul Proprietatea (FP. RO) and SIF Oltenia (SIF5.RO) hold stakes of 13.5% and 6.3%, respectively.
Wednesday, Transelectrica closed down 0.67% in Bucharest, amid a rising market. (EUR1=RON4.4278)