Romania’s state-owned hydro power producer Hidroelectrica posted a profit of RON 481mln in the first six months of 2013

Hidroelectrica recorded a historical profit of RON 481mln in the first half of 2013. The financial result in H1 2013 is by RON 47mln higher than the profit estimated for the entire 2013 and approximately two times higher than the profit recorded by the company in 2010, when the company reached a production peak of 19.8mln MWh, a company communique reads. The turnover in the first 6 months of 2013 was by RON 423mln higher than in the similar period of 2012, i.e. RON 1,686mln, versus RON 1,263mln in H1 2012. Production recorded in the first 6 months of 2013 was 8.2mln MWh, compared with RON 7mln MWh in H1 2012. “The company’s evolution during the insolvency period is positive and confirms the measures, policies and actions performed by the official receiver to reorganize the company. The profit posted by Hidroelectrica is due to income maximization and implicitly to profitability as an effect of terminating the bilateral contracts with energy traders, with thermal energy producers and with general contractors. It’s the result of renegotiation of approximately 500 disadvantageous contracts for Hidroelectrica, of optimizing the production processes and streamlining the sale on the five distribution channels”, Remus Borza, member of company’s Supervisory Board and former official receiver of the company, stated in a communique.