Romania’s Transelectrica Bucharest (TEL) posted a double profit in Q1/2013, amounting to RON 91.75mln

Power grid operator Transelectrica Bucharest reported for the first quarter this year a net profit of RON 91.75mln (EUR 20.9mln), over twice higher against the same period of 2012, at declining businesses by 35.1%, to RON 568.27mln (EUR 129.6mln). EBIT increased in the first three months by 59.5%, to RON 108.31mln, while on the financial side Transelectrica reduced its losses significantly, to RON 293,000. In Q1/2012, Transelectrica posted an EBIT of RON 67.92mln and financial losses of RON 13.89mln. The operating incomes totaled RON 577.93mln in Q1 2013, down 34.8%; operating expenses plunged 48%, to RON 384.89mln. In the similar period of 2013, Transelectrica posted operating incomes of RON 886.75mln and expenses of RON 740.8mln. In late March, the company had short-term debts worth RON 691.58mln, down 27.7% against the end of 2012, and long-term debts of RON 1.609bn, up 3.3% versus December 2012. The company is controlled by the Ministry of Economy, which owns a 58.69% stake, other important shareholders being Fondul Proprietatea (13.5%) and SIF Oltenia (6.3%), according to the latest information.