National electricity transmission company Transelectrica posted a net profit of 116 million lei in H1, by 282 percent higher compared to the same period of the previous year, the company said in a statement on Monday.
Mid-year revenues amounted to 1.09 billion lei, down 8 percent YoY, while expenses stood at 809 million lei, by 19.3 percent lower. EBITDA was 281 million lei, up 55 percent.
"The positive financial result was obtained as a result of company reform and adjustment measures in accordance with the current economic situation. Also, Transelectrica's profitability improved in H1 2020 compared to the year-ago period. Thus, the total profit from operation increased by 108 million lei from the first semester of the previous year, mainly due to the reduction of operational costs (including depreciation)," the company officials said.
The company's financial results for the basic activities (electricity transport and dispatching through the National Power Grid) were slightly lower than those of H1 2019 due to the 8 percent decrease in transmission revenues and other revenues on the energy market, as a result of the decrease in electricity supplies to consumers.
The drop was caused by the impact of the COVID-19 pandemic and by the reduction of the average transport service fee approved by the National Energy Regulatory Authority.
According to the company report sent to the Bucharest Stock Exchange, Romania's electricity consumption decreased by 7 percent to 27.1 TWh in the first half of the year.
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