Romania’s state-controlled hydropower company Hidroelectrica has reported RON 481mn [over EUR 100mn] profit* and RON 1,686mn revenue for the first quarter of this year, a company press release informed.
The output increased to 8.2TWh in H1 this year from 7TWh in H1 of 2012. Hidroelectrica has been under insolvency from June 2012 to June 2013. The government holds 80% in the company and plans to organise an IPO for 10% this year.
The H1 profit reported already exceeds the full-year target and is twice as much as the profit recorded by the company in 2010 – when its production hit the historic maximum of 19.8TWh. Hidroelectrica reported losses in 2011 and 2012.
Hidroelectrica’s revenue increased by 33.5% y/y. Since the output rose by only 17% y/y and the price of the electricity on the market has declined, the rise in revenue must have been driven by the higher price of the ancillary services provided by the company [or by one-off deals].
* The release does not specify whether the profit is net or gross terms – we assume it is a gross profit.
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