Transelectrica’s preliminary net profit was RON27 million, from RON113.9 million in 2011.
Pretax profit fell to RON42.5 million from around RON150 million in the previous year.
In its preliminary financial report, Transelectrica said the results are “satisfactory” as the pretax profit is slightly higher than the estimated result, despite a 3.8% drop in the volume of transported energy, from 56 million MWh in 2011 to 53.9 million MWh last year.
The company also mentions that tariffs were flat during the year, but it managed to limit the core revenue decrease to 2.7%.
However, total revenue fell 13.4% on the year to RON2.7 billion, while operational costs were down 10% to RON2.6 billion.
The results are calculated according to the International Financial Reporting Standards and are unaudited.
The Romanian Economy Ministry owns 73.68% in Transelectrica, while investment fund Fondul Proprietatea holds a 13.5% stake. The remaining shares are traded on the Bucharest stock exchange.
Friday, Transelectrica shares opened up 1.4% at RON14.2. (EUR1=RON4.3844)