TEL profit saved by energy exports to Serbia

Transelectrica Bucureşti (TEL), the national electricity transmission company, in the third quarter of this year posted net income worth 63.3m RON (14.9m euros) amid a rising quantity of energy transmitted abroad and of financial profits derived in the wake of a writedown of the company's foreign currency debts.

From July through September 2010, Transelectrica's turnover rose by 8.3%, to almost 592m RON (139.1m euros), and the company's operating income registered a spectacular increase, by more than 10 times against the same period of last year, to 39.6m RON (9.3m euros).
Third quarter results contrast with those Transelectrica reported for the first six months of the year, when turnover slid by 1.8% and the company was in the red, with over 59m RON (13.8m euros).
"Energy exports to Serbia had a positive impact over the quantities Transelectrica transmitted in the third quarter and pushed up transmission and capacity allocation revenues," explained Răzvan Purdilă, the head of the capital market department of Translectrica.