Romanian national carrier Transelectrica posts eight times lower profit

Romania's electricity grid operator Transelectrica posted a profit of some EUR 4.2 million in the first nine months of this year, around eight times smaller than the amount achieved during the same period of 2011. The national grid posted losses in the second and third quarters of the year. It's revenues during this period were higher however, at some EUR 492 million, 4.8 percent higher than in the first nine months of 2011. Meanwhile, expenses were also up, but by a higher percentage – 13.5 percent, at some EUR 483 million. The company did not give information about the exact cause of the lower profit. Transelectrica is controlled by the Romanian Economy Ministry, which owns 58.7 percent of its stock. Fondul Proprietatea investment fund owns 13.2 percent. The company is listed on the Bucharest Stock Exchange, where its capitalization exceeds some EUR 180 million. editor@romania-insider.com