Romanian state-owned power producer records higher profit

Romanian power producer Hidroelectrica, one of the most profitable state-owned companies, recorded a gross profit of RON 971.8 million (EUR 211.3 million) in the first seven months of this year, up 6% year-on-year. The company announced its results on Facebook yesterday. Its turnover amounted to over RON 1.9 billion (EUR 423 million) during this period. The net profit margin grew from 38% at the end of July 2016 to 43% on July 31 this year. In July, Hidroelectrica distributed dividends worth RON 1 billion (EUR 225 million) to its shareholders from last year’s profit. The power producer had almost 3,300 employees at the end of July. It runs 207 hydro power plants, producing over 8,700 TWh. The Energy Ministry is the main shareholder in Hidroelectrica. editor@romania-insider.com