Transelectrica’s profit quadrupled last year

Romanian state-owned power grid operator Transelectrica (TEL.RO) Monday said its net profit rose to RON 162.3 million (EUR36.2 million) in 2013,  from RON36.5 million in the previous year.

The state company also reported that its revenue decreased by 10.8 percent, dropping to RON 1.46 billion (EUR 558.32 million) from RON 2.76 billion in 2012.  The biggest share of revenue, namely RON 1.15 billion, comes from transport, the company’s main activity. In 2012, this activity brought in RON 1.08 billion.

Transelectrica underlines in its press release that the financial details are preliminary and not yet updated to international reporting standards. 

The electrical company registered a net profit of RON 34.48 million in 2012, and at the end of the same year it incurred debts of RON 2.51 billion.

The Government transferred Transelectrica and Transgaz from the Ministry of Finances to the General Secretariat (GSG) at the end of last week. Transelectrica and Transgaz are among the most valuable companies in the energy sector and were up until now part of the Finance portfolio, under PNL administration.

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