In 2010, Transelectrica posted net profit of RON9.5 million.
Transelectrica switched to a loss of RON63 million in the fourth quarter of 2011, versus profit in the same period a year earlier. The company posted earnings before interest, taxes depreciation and amortization, or EBITDA, of RON460.5 million in 2011, up 31% on the year.
Earnings before interest and taxes, or EBIT, doubled to RON163.2 million, Transelectrica said in its preliminary financial report.
Transelectrica said the 2011 result was positively influenced by higher revenues from interconnection tariffs and from the balancing market.
Revenue from interconnection tariffs rose 78.6% on the year to RON53.5 million, while the income from the balancing market increased 153% to RON0.98 million.
Energy transport inched up 1.47% to 56.05 million megawatts per hour in 2011, from 55.2 million MWh a year earlier.
Total revenue rose 14.4% on the year to RON3.06 billion in 2011, while overall expenditure were up 10.7% to RON2.94 billion.
The company reported net turnover of RON2.9 billion, up 14% from RON2.5 billion in 2010.
The results are unaudited, unconsolidated and computed under Romanian accounting standards.
Romanian Economy Ministry owns 73.6% in Transelectrica, while investment fund Fondul Proprietatea holds a 13.5% stake.
At 14:20 hours Wednesday, Transelectrica traded up 0.77% at RON18.25 a share in Bucharest. (EUR1=RON4.3473)