Net profit of Transelectrica falls 42.5 percent in Q1 2009

National Company of Transport of Electricity Transelectrica got in Q1 this year a net profit worth 47.256 million lei (or 11.12 million euros), down 42.5 percent compared with the same period in 2008, when the net profit stood at 82.19 million lei, according to the financial reports sent to Bucharest Stock Exchange (BVB).

The net turnover fell 22 percent in the period of reference, from 788.159 million lei to 691.262 million lei, in the conditions in which the total revenues of the company fell 12 percent, from 795.05 million lei to 703.316 million lei, and the total expenses were seven percent lower, from 685.059 million lei to 637.36 million lei.

The liabilities of the company amount to 651.66 million lei, 19 percent lower than on March 31, 2008, and the debts stand at 1.645 billion lei, down 22 percent.

According to the budget proposed for 2009 for Transelectrica, published by the Ministry of Economy, the company is to report total revenues of over three billion lei (or 0.705 billion euros).

The gross profit of the company will stand at 70 million lei, with the accountancy profit reaching 56.7 million lei.
The company will make in 2009 investment totalling 462.53 million lei (or 108.83 million euros0, of which 422.11 million lei from own money.

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