Romanian state-run power grid operator Transelectrica (TEL.RO) Friday said its net profit rose 48.8% to RON 136.5 million (EUR 30.3 million) in the first quarter, from RON 91.7 million the previous year. Revenues went up 21 percent to RON 698.8 million (EUR 155.2 million)
Operational profit is up 28 percent on year, from RON 193 million to RON 246.9 million (EUR 54.8 million).
Transelectrica made RON 326.5 million (EUR 73.9 million) from energy transport alone, up 6 percent on year. At the end of the first quarter, the company was still indebted with RON 2.388 billion.
The state-owned energy company recorded a net profit of RON 203.3 million in 2013, a far cry from the meager earnings of RON 34.4 million in 2012. According to the budget established for 2014, the profit should go down to less than half the result of 2013 – RON 96.6 million.