Transelectrica’s net profit in 2018 reaches RON 89 million, three times higher than in 2017

The National Power Grid Company Transelectrica recorded a net profit of RON 89 million in 2018, more than three times higher than in the previous year when it reported RON 28 million. Gross profit grew by 106 percent, from RON 47 million in 2017 to RON 96 million in 2018. Revenues totalled RON 2.719 billion, down 11 percent.

Long-term debts in the amount of RON 630 million as of 31 December 2018 recorded a decrease of 8 percent on repayments made under existing loan agreements.

At the same time, short-term debt increased by 10 percent (from RON 1.1 billion at 31 December 2017 to RON 1.21 billion at 31 December 2018), mainly due to the increase in trade and other debt (RON 342.8 million) and the decrease of short-term loans with RON 263.8 million.

In 2018, the company earned an operating profit up 54 percent from 2017 amid the 13 percent drop in total operational costs (including depreciation), offsetting the 11 percent drop in operating revenues.

The allowed profits segment recorded a slight increase in revenue of 0.4 percent due to the increase in the regulated tariff valid from 1 July 2018 and the 2 percent increase in the tariff for electricity.

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According to the report, net domestic consumption increased by 2.2 percent, and net energy production increased by 1.5 percent. Cross-border export physical exports decreased by 11.8 percent over the same period in 2017, and cross-border import flows decreased by 11.4 percent.