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Bucharest
November 30, 2022
BUSINESS

Hidroelectrica posts record profit at six months

A communiqué received from the company emphasizes that Hidroelectrica has registered a record profit of RON 725 M in the first six months of this year, 42 per cent higher than the one registered in the same period last year, back when the company’s profit stood at RON 510 M.

The turnover registered in the same period was higher by almost RON 300 M (RON 1.851 bln against RON 1.554 bln in the same period last year). The turnover growth was due to higher production in the first half of this year, when the company produced 9.6 TWh, up by 1.1 TWh year-on-year.

June 20 saw the company paying the last of the 24 tranches owed to the body of creditors, Hidroelectrica being the only insolvent company in Romania that has paid off its debt at nominal value. Hidroelectrica paid RON 3.817 bln of the total RON 4.313 bln owed, the RON 496 M difference left to be paid representing instalments due on 15 September 2021.

June also saw a landmark moment in Hidroelectrica’s history, namely the moment when its interest revenue surpassed its interest expense. Thus, while in 2012 Hidroelectrica registered a loss of RON 114 M because of interest expenses, in June 2015 the ratio between interest revenue and interest expense was positive, the company registering an earning of RON 212,000.

 

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