BUCHAREST (Romania), November 14 (SeeNews) – Romanian power grid operator Transelectrica [BSE:TEL] said on Friday its net profit surged 130% to 303 million lei ($85.3 million/68.5 million euro) in the first nine months of 2014 as revenue grew faster than costs.
Transelectrica delivered a total of 37.6 million megawatt hours (MWh) to consumers in the first nine months of the year, down from 38.4 million MWh a year earlier, it said in a statement filed with the Bucharest Stock Exchange.
Commenting on Transelectrica's financial results, Raiffeisen Bank said in a note to investors: "We are positive after the results and keep Buy recommendation. Will review target price and estimates."
Following are figures from Transelectrica's income statement filed with the Bucharest Stock Exchange (in million lei):
|
9-mo 2014 |
9-mo 2013 |
Net profit |
303 |
132 |
EBIT |
355 |
160 |
EBITDA |
607 |
411 |
Total revenue |
1,954 |
1,688 |
Total costs |
1,347 |
1,277 |
The Romanian finance ministry owns nearly 59% of Transelectrica, which is among the 10 most liquid stocks on the Bucharest bourse and is included in its blue-chip BET index.
Its shares were trading 1.58% up at 29 lei by 0915 CET on Friday.
(1 euro= 4.4243 Romanian lei)