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Hidroelectrica sees 27m-euro net income

Hidroelectrica sees 27m-euro net income
03.07.2006, 18:52 5

Electricity producer Hidroelectrica posted a net profit worth 93 million RON (26.5 million euros) in the first five months of the year, with a turnover standing at 850 million RON (242.8 million euros), stated Traian Oprea, general manager of the company. He did not specify how the company's financial indicators had progressed against the same period of last year. At the end of last year, the company had posted a profit worth 72 million euros. Some 17 million euros represented the budget earmarked for investments, while the bulk of the sum, 55 million euros were set aside to cover the record losses of 2003. Then, the draught seen in the summer months had generated a crisis in the Romanian energy sector, and Hidroelectrica logged losses worth 98 million euros. The company will only be able to fully cover its 2003 losses from the profit to be made this year. At the end of last year, Hidroelectrica saw a 67% surge in turnover, which reached 2.1 billion RON (587 million euros).

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