Hidroelectrica turnover up in Q1

Hidroelectrica the cheapest and the biggest local energy supplier earned a turnover worth 571.9 million lei (134 million euros) compared to 531.4 million lei (144 million euros) in the Q1, 2008, which means by 7.6 percent growth at the end of the first quarter of this year than in the same period last year, the Ziarul financ iar informs.

During the first three months of the year, very few electricity suppliers registered a rise in the delivery to the local market, among them Nuclearelectrica also an company supplying electricity at a rather lower price compared to that for heating, the same daily stressed.

For instance, the Turceni power plant, the biggest power supplier in the Oltenia basin (south) diminished its delivery by 15 percent in the first quarter because of the economic situation, which led to activity drops and even the stoppages in several departments.

Thus, the electricity consumption curbed by 10 percent in the Q1 of the year, the lowest being registered in April when the electricity supply went down by 15 percent.

As for its net profit, Hidroelectrica reported earnings worth 54.2 million lei (12.7 million euros) in Q1, 2009, by 24 percent lower than that in the same period last year, when the profit stood at 71.4 million lei (19.3 million euros).

There were no layoffs in Q1 of 2009, the Company numbering 4,240 employees the same as in end 2008.

Hidroelectrica’s turnover was worth 2.44 billion lei (664.1 million euros), by 18.5 percent more than in 2007 and a net profit of 68.4 million lei (18.5 million euros), by 30 percent up than in 2007.

According to the Company’s data, about 73 percent of the total electricity to be put out this year, will be sold on the competitive market and the remainder is to be supplied to the home and the small industrial users.

According to Hidroelectrica’s revenues and expenditure budgets, the Company expects revenues worth 625 million euros and a gross profit worth 17.5 million euros, in 2009.

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