Transelectrica profits triple on, H1, 2011 due to increases in electricity production and consumption

Newsroom 11/08/2011 | 15:34

Romania’s state owned power grid operator Transelectrica posted a profit of RON 178 million for the first half of 2011, which is almost three times the RON 28.1 million posted in the first half of 2010. The energy sector has seen an increase of 5.6 percent in consumption and a further 11.4 percent increase in electricity production for the first semester of 2011, compared to the similar period of 2010. Further increases are expected in the second semester of 2011, in consumption by 5 percent and in production by 10 percent.

 

The net turnover for Transelectrica increased by 9.7 percent, from RON 1.22 billion in the first half of 2010 to RON 1.34 billion. The operating income also increased by 24.7 percent, from RON 502 million in the first half of 2010 to RON 627 million. Operating expenses decreased by 0.3 percent, from RON 465 million in the first half of 2010 to RON 462 million.Transelectrica has to repay total debts of RON 1.62 billion. Within one year, RON 563 million worth of debt has to be paid, while on the long term, another RON 1.08 billion are expected to be paid.

 

The share value of Transelectrica on the Bucharest Stock Exchange (TEL symbol) appreciated by 7.63 percent in the first semester of 2011, from RON 20, 44 per share to RON 22, 00 per share.
Transelectrica will be selling stock representing 15 percent of the company’s existing capital administered by the Ministry of Economy, Trade and Business Environment. In the same time, Transelectrica will issue new stock in a public offering and is planning to increase its capital by 12 percent. The procedure of increasing capital through an IPO will be carried on respecting preferential subscription rights of private investors of Transelectrica. The price for newly issued stocks will be established by the Government. These actions should be carried out by the end of 2011.   

The Romanian Ministry of Economy, Trade and Business Environment owns a 73.6 percent stake in Transelectrica, Fondul Proprietatea (FP) owns 13.5 percent of shares while investors own another 12.81 percent.

Ovidiu Posirca

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