Romania's Hidroelectrica makes a gross profit of EUR 224 mln in eight months

State-owned power producer Hidroelectrica estimates a gross profit of over RON 1 billion (EUR 224 million) for the first eight months of the year. The company’s gross profit increased by 13% year-on-year in the first seven months, reaching EUR 205 million. Its turnover amounted to over EUR 426 million during that period, down 8% compared to July 2015. The business decreased amid diminishing prices in the energy market, according to the company. Given the results recorded at the end of July, Hidroelectrica estimates that it can reach a gross profit of RON 1 billion at the end of August. The company, which went out of insolvency in June, plans to carry out an initial public offering (IPO) in Bucharest and London. editor@romania-insider.com