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October 7, 2022

Hidroelectrica estimates over one billion lei gross profit in first eight months

Hidroelectrica estimates a gross profit of one billion lei in the first eight months of this year, taking into account the sales in August 2016 and the fact that in the first 7 months it recorded a gross profit of 913 billion lei.

According to a press release of the company, sent to Agerpres, in August the sales estimation stands at over 236 billion lei for a volume of over 1.3 TWh of energy sold.

“The gross profit registered after the first 7 months end close of the current year is over 13 percent higher compared to the same period of 2015 taking into account that the turnover of 1.9 billion lei accumulated before the end of July 2016 is less than 8 percent compared to the same period of last year. The current financial results are better considering they were registered in the context of the turnover decline,” reads the press release.

According to the release, even though the quantities produced in the two compared periods are almost similar (10.6 TWh), the decrease in revenues was generated by the price decline on the energy market from 165 lei/MWh in the first 7 months of 2015, to 156 lei/MWh in the same period of this year.

Hidrolectrica came out of insolvency in June this year, after four years of judicial re-organization.

Moreover, after it came out of insolvency, the Energy Ministry, the majority shareholder of Hidroelectrica, considers listing on the stock market a package of 15 percent of the company stock.

Last year the company registered a turnover of 3.1 billion lei and a profit of 1.1 billion lei. A record profit is expected this year – 1.3 billion lei.

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