Romanian Electrica, biger net profit in Q1 2020 compared to same period 2019, SEE Energy News
Compared to a net loss of 8.6 million euros recorded in the same period last year, Romanian electricity distributor and supplier Electrica recorded a net profit in the amount of 17 million euros in the first quarter of 2020. The company’s operating revenues rose to 349 million euros in the first three months of the year, compared to 334.5 million euros in the same period in 2019. Earning before interest, taxes, depreciation and amortization (EBITDA) increased to 46.3 million euros in the first quarter of 2020 from 15.3 million euros in 2019, as a result of the a strategy involving new transformation and efficiency processes at a group level.
CEO of Electrica Corina Popescu said that the results in the first three months of this year are above expectations in the current context. Since the end of the first quarter, the company experienced a unique situation but it has succeeded in managing it well, reacting promptly and facing unprecedented operational challenges. Despite the coronavirus pandemic, Electrica is maintaining its plans to invest over 140 million euros this year, mostly in its electricity distribution subsidiaries.
Electrica recorded a net profit in the amount of 43 million euros in 2019, which is some 10 % lower compared to the previous year. The company’s operating profit fell to 48.4 million euros in 2019, from 54 million euros in 2018. Revenues rose to 1.3 billion euros 2019, compared to 1.16 billion euros in the previous year. Electrica’s total assets amounted to 1.61 billion euros at the end of 2019, up from 1.55 billion euros at end-2018.