Transelectrica Bucharest (BSE: TEL) posted a four-times lower profit in 2012 y/y

Transelectrica’s financial results in 2012 were much below those recorded in 2011. Thus, last year it posted profits of RON 27mln, four times lower than in 2011, when it amounted to RON 113.9mln, according to the preliminary financial information submitted to BSE. Also, the profit before tax was RON 42.5mln, compared with RON 150mln in 2011. In Transelectrica’s opinion, “a gross preliminary profit of over RON 40mln”, by 3.5 times lower than in 2011, indicates “satisfactory financial results”. EBIT operating profit fell to RON 81.7mln, from RON 182.4mln. Also, revenues dropped from RON 3.1bn to RON 2.7bn. At the same time, operating expenses plunged from RON 2.9bn to RON 2.6bn. “Revenues from core services provided by the company (activities allowing profit: transmission and technology system services) posted decrease of only 2.7% against the previous year, while incomes from other activities (market administration, balancing market) posted an accentuated decline, of over 20% versus the previous year. Also, operating expenses recorded a decline of around 1%”, Transelectrica also stated. The company also specified that it had registered financial losses of RN 39mln caused by national currency depreciation.

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