Transelectrica reported a net profit of RON90.2 million in 2011, of which RON80.6 million will be paid in dividends.
The company estimates its net profit will fall 55.6% to RON40 million in 2012, as revenues are seen dropping faster than costs.
Transelectrica forecasts revenues will decline 20% to RON2.62 billion, while costs are expected to decrease 18% to RON2.57 billion.
The electricity transporter has scheduled investments of RON247.7 million in 2012 to extend its network and build new units. For 2012-2014, the planned investments reach over RON1.1 billion.
Transelectrica is 58.69%-owned by the Economy Ministry, while investment fund Fondul Proprietatea holds a 13.5% stake. The remaining shares are traded on the Bucharest stock exchange.
The ministry ran a secondary public offering of 15% in Transelectrica between March 14 and March 27. The institution received RON164.7 million (EUR37.6 million) in a heavily oversubscribed offering. Purchase prices ranged between RON14.9 and RON15.71 a share.
Wednesday, Transelectrica closed up 1.76% at RON15.07 a share. (EUR1=RON4.3757)