Seven-fold profit surge for Romanian electricity distributor Electrica

Romanian electricity distributor Electrica recorded in 2014 a net profit of EUR 63 million, up by 612% over the previous year. The increase was due to the better results of its distribution and supply subsidiaries, which increased their dividend payments to Electrica, the parent company. The operating revenues reached EUR 56 million, down 16% over 2013. The personnel expenses went down by 30%, whereas the overall expenses were almost flat on the previous year. Electrica posted some EUR 23,000 in operating profit last year, compared to a EUR 11.9 million operating loss in 2013. The financial results are preliminary and unaudited. Electrica is 49% state-controlled. The largest minority shareholder is the European Bank for Reconstruction and Development (EBRD), which holds an 8% stake. editor@romania-insider.com