Romania: Transelectrica and Electrica increased profits

, SEE Energy News

Romanian company for electricity transmission “Transelectrica” made a profit of 83.3 million euros in 2014, which is 85 percent more than in 2013. The distributor of electricity “Electrica” recorded a net profit of 63 million euros, which is considerably higher than in 2013.

During the previous year, “Transelectrica” achieved the highest profit in company history. According to preliminary data, revenues increased by 14% to 630 million euros.

In comparison to the same period of previous year, revenues increased by 10% in the fourth quarter of 2014, but net profit fell by 3.3% in the same period.

Long-term debts of the company decreased by 9.4% to € 315 million, while short-term debts increased by 24% to 270 million euros.

In the company “Electric” the profit increase was due to better results of its daughter companies for distribution and supply, which increased the payment of dividends to the parent company, “Electrica”.

“Electrica” is controlled by the state with 49%, while the largest minority shareholder is the European Bank for Reconstruction and Development with 8% stake in the company.

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