Romania's Translecetrica ups turnover but lowers profit during first quarter

Translectrica, Romania's national electricity carrier posted a turnover of EUR 203 million and a profit of EUR 10 million in the first quarter of this year. While its turnover was 18 percent higher than in the first quarter of 2011, the profit was 3.7 times lower than during the same period last year.

The company's expenses went up by 37 percent during the first three months of the year, to some EUR 193.6 million. Romania raised some EUR 37.7 million with the secondary listing of Transelectrica's shares on the Bucharest Stock Exchange earlier this year. Investors oversubscribed the secondary public offer for Romanian state owned power grid Transelectrica, which received offers for 58 percent more shares than were available for sale. Small investors were more active, but will pay a higher price than institutional investors. Offers placed by small investors were 2.8 times higher than in the initial offer, while institutional investors oversubscribed by 47 percent. The offer needed subscriptions of at least 70 percent to be successful. Transelectrica posted a 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. editor@romania-insider.com