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Romania’s Nuclearelectrica H1 net profit rises on higher sales

Romania’s Nuclearelectrica H1 net profit rises on higher sales Nuclearelectrica

BUCHAREST (Romania), August 14 (SeeNews) - Nuclearelectrica, the operator of Romania's sole nuclear power plant Cernavoda, said on Wednesday its first-half net profit rose 59.4% on the year to 290.6 million lei ($68.9 million/61.4 million euro) on the back of increased electricity sales.

EBIT rose by 69.2% year-on year, while EBITDA grew by 31.1%, mainly due to the increase of the operating income by 20.1% to 1.21 billion lei, Nuclearelectrica said in a semi-annual financial statement filed with the Bucharest Stock Exchange, BVB.

Nuclearelectrica produced about 4.91 GWh of electricity in the six months through June, down 1% on the year. Electricity sales generated revenues of 1.18 billion lei in the first half of 2019, up 22% year-on-year, as the weighted average price of the electricity sold rose on an annual comparison basis.

Operating expenses increased by 9.7% to 569.5 million lei, mainly due to the higher cost of purchased electricity and a slight increase of personnel expenses.

The company also said it plans to invest 256.5 million lei this year, mainly into upgrade works at Cernavoda NPP, of which it has already invested 53.4%.

Nuclearelectrica's net profit rose 27% to 390.5 million lei last year, as electricity sales increased.

The Cernavoda power plant, located in southeastern Romania, has two reactors of 700 megawatts each, which meet roughly a fifth of the country's electricity needs.

Nuclearelectrica shares traded 1.71% higher at 11.9 lei by 1531 CET on Wednesday on the BVB.

Romania's energy ministry holds a 82.49% stake in Nuclearelectrica.

In May,  Nuclearelectrica said it has signed a preliminary investors agreement (PIA) with two Chinese companies for the construction of Units 3 and 4 at Cernavoda NPP.

(1 euro =4.7216 Romanian lei)