Romanian state-owned coal-based energy group Complexul Energetic Oltenia recorded a net profit of over RON 307.2 million (EUR 67.2 million) in the first six months of the year.

By comparison, the group saw a loss of RON 138.2 million (EUR 30.2 million) during the same period last year.

The turnover of CE Oltenia went up by 43% in the first six months of this year to RON 1.46 billion (EUR 320 million). The advance in the production of coal and electricity, as well as the restructuring measures undertaken by the company helped achieve this result. The price of electricity also significantly increased on the electricity bourse OPCOM.

The energy group’s total revenues rose by 28.4% year-on-year to RON 2.17 billion (EUR 476 million). Meanwhile, the spending of CE Oltenia slightly went up in the first half of the year by 1% to about RON 1.85 billion (EUR 405 million).

The Romanian state has a stake of 77% in CE Oltenia.

editor@romania-insider.com