Electrica Group registers 12 pct increase in net profits to RON 142 mln in Q1

Electrica, the electricity supplier and distributors, said Monday its net profit was up 12 percent to RON 142 million in the first quarter of this year against the same period of last year, while its revenues gained 6 percent to RON 1.5 billion.

In the electricity supply segment, the company registered a 3 percent gain in revenue, while in the distribution segment, the revenues fell by 10 percent due to a reduction of tariffs.

The group plans to make investments worth RON 834 million this year.

“The part of the net profit with the most significant growth, of 23 percent respectively, will go to Electrica shareholders. This growth was generated by the gain from the deconsolidation of SE Moldova, as a result of the measures undertaken for the efficiency of the group’s structure”, said the company in a  statement.

Iuliana Andronache, the general director of Electrica, said the first quarter results were good despite the significant changes on the energy market, which also impacted the regulation environment.

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Electrica shares were down 0.17 percent to RON on Monday morning trading on the Bucharest Stock Exchange.

Ovidiu Posirca