Transelectrica (TEL ) ended the first quarter with a net profit of 136.5 million lei (30.3 million euros ), almost 50 % higher than the gain in the same period last year, on revenues up 21% to 698.8 million lei ( 155.2 million euro).
During last year, the company registered a net profit of £ 91.7 million and revenue of nearly 578 million lei.
Operating profit before depreciation (EBITDA ) rose in the first quarter of this year by 28%, from 193 million to 246.9 million lei (54.8 million euros ), according to information submitted by the company Friday BSE ( BVB).
At the end of the first quarter, the company's debts totaled nearly 2.388 billion lei, 5.9 % lower at the end of last year, nearly 2.539 billion lei.
Transelectrica obtained last year a net profit of 203.3 million lei, with more than 34.4 million lei only gain recorded in 2012.
According to the draft budget for the year, net profit is expected to fall to 96.9 million lei, less than half compared to last year. The company expects revenues this year to 2.6 billion in stagnant to 2013, and spending rising by 6.8 % to 2.48 billion lei.
Transelectrica is controlled by the state, through the General Secretariat of the Government owns about 58.69 % of the shares. Property Fund has an envelope 13.5 % of the shares and SIF Oltenia ( SIF5 ) had late last year about 7.26 % of the shares.
Transelectrica shares ended Thursday's trading session up 1.85 % to 19.85 lei. In this quotation, the company has a market capitalization of 1.455 billion lei ( 328.5 million euro).
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