Romanian power producer Hidroelectrica records 26% profit increase

Romanian power producer Hidroelectrica, one of the most profitable state-owned companies, recorded a gross profit of EUR 162.8 million in the first five months of this year, up 26% compared to the same period last year. The turnover amounted to EUR 655.8 million during this period, up 11% year-on-year, reports local News.ro. The company’s electricity production reached 6.5 TWh in the first five months, down from 7 TWh between January and May 2016, but the sale prices were higher. Hidroelectrica’s shareholders decided at the beginning of June to grant dividends totaling RON 1.035 billion (EUR 226.6 million), representing 90% of the net profit registered last year. Hidroelectrica's general manager Ovidiu Agliceru recently said in an interview for News.ro that the company had about EUR 600 million in banks at the end of the first quarter. editor@romania-insider.com