Romania’s largest electricity producer Hidroelectrica last year recorded a profit margin of over 30% and became the second most profitable state-owned company.

Hidroelectrica had EUR 740 million in revenues and a profit of almost EUR 270 million, the best result in the company’s history, according to Remus Borza, the company’s judicial administrator, reports local Economica.net.

Last year’s profit was almost 30% higher than the one in 2013, when the company had a net result of EUR 210 million.

Hidroelectrica invested EUR 200 million last year and repaid EUR 150 million to its lenders.

The company reduced its debt to EUR 181 million, from EUR 841 million in June 2012, when it entered insolvency. Hidroelectrica is expected to exit insolvency in June this year, Borza added.

editor@romania-insider.com