Romanian power company Hidroelectrica reports H1 profit margin of 28.5%

By bne IntelliNews July 9, 2013

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.

 

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

CEZ’s attempts to sell Bulgarian assets reportedly suspended

The sale procedure initiated by CEZ for its assets in Bulgaria has been suspended, Bulgaria’s Energy Minister Temenujka Petkova said ... more

BP, Socar extend production sharing deal on largest Azerbaijani oil field cluster to 2050

British oil major BP and Azerbaijani national oil company Socar on September 14 signed a contract extending their production sharing deal for Azerbaijan’s biggest cluster of oil fields until 2050. ... more

Shell in discussions with Iran to follow Total with Persian Gulf gas investment

Royal Dutch Shell officials have met with National Iranian Oil Company (NIOC) executives to discuss entering the development of Iran’s slowly developing Kish gas field in the Persian Gulf, energy ... more

Most Read

  1. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    6 days ago
  2. Volkswagen doubles exports of Russia-made cars
    4 days ago
  3. KYIV BLOG: Ukraine headed for a constitutional crisis
    6 days ago
  4. Turkey’s decision to buy Russian missile-defence system alarms Washington
    6 days ago
  5. KRUK REPORT: All the borders have been crossed
    8 days ago
  1. Hungary threatens to block Romania’s OECD accession
    13 days ago
  2. Economists tangle over risk of a Greek-style collapse in Turkey
    17 days ago
  3. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    6 days ago
  4. Wild capitalism threatens the untamed rivers of Southeast Europe
    1 month ago
  5. Russia’s government moves from war budget to election budget
    25 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss