Romanian electricity carrier Transelectrica ups 2011 profit tenfold

State-owned energy transport company Transelectrica posted a preliminary net profit of EUR 21.2 million (RON 90.2 million) in 2011, nearly 10 times higher than the 2010 results.

The company had a net turnover of around EUR 685 million (RON 2.9 billion), up 14 percent compared to the EUR 603 million (RON 2.54 billion) posted in 2010. Transelectrica had an operating profit before interest, taxes, depreciation and amortization (EBITDA) of EUR 108 million (RON 460.4 million) in 2011, 31 percent over the value reported in the previous year. The company, owned by the Romanian Economy Minister, runs the country’s electricity distribution system. Transelectrica has recently announced that it will limit or even cancel exports of electricity between February 15 and March 16, as well as limiting the quantities delivered to consumers facing desperate conditions, due to the unfavorable weather conditions. This announcement triggered the dismissal of the company’s general manager Horia Hahaianu. Read more about it here. Irina Popescu, irina.popescu@romania-insider.com (photo source: Sxc.hu)