Romanian state-owned electricity distribution and supply company Electrica saw its net profit up by 4% in the first nine months of the year, to some EUR 69.5 million, while its revenues were down by 10%, to some EUR 806 million, the company announced.

The drop in revenues was triggered by the evolution of the national energy consumption, by the loss of consumers “which caused liquidity problems” and by end prices to consumers on a competitive market, said the GM Ioan Rosca.

The company managed to cut costs by buying energy at lower prices and through more efficient operational expenses, the GM added.

Electrica holds about a third of Romania’s electricity distribution and supply market. The company operates in the Transilvanya and Northern Muntenia regions.

Electrica is 49% state-controlled. The largest minority shareholder is the European Bank for Reconstruction and Development (EBRD), which holds an 8% stake.

Electrica was listed on the Bucharest Stock Exchange and London Stock Exchange, following a EUR 444 million initial public offering (IPO), in June 2014. The company has a market capitalization of EUR 913 million.

editor@romania-insider.com