May 16 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said on Monday it plans to invest 834 million lei ($210 million/185 million euro) in infrastructure in 2016, up 50% from last year.
In 2015, Electrica invested 551 million lei, 56% less than the initially planned 860 million lei. Last year, Electrica said that it plans to invest some 3.2 billion lei in Romania in the 2015-2018 period.
Electrica's consolidated net profit rose 11.8% year-on-year to 142 million lei in the first quarter of 2016, it said in a financial report published on its website.
"Despite major changes in the energy market, including the regulatory framework, Electrica's financial results in the first three months of this year are very good,” the company's CEO Iuliana Andronache said.
Its operating profit stood at 170 million lei in the first quarter of the year, up 19% against the same period a year earlier, as operating revenue rose 6% to 1.51 billion lei.
First-quarter earnings before interest and taxes, depreciation and amortization (EBITDA) increased 12% to 257.8 million lei.
Operating expenses increased by 5% in the review period. Revenues from the electricity supply segment increased by 3%, due to an increase in supplied energy by 8% as compared to the same period in 2015.
Despite a decrease of 3% in the quantities distributed, revenue from electricity distribution decreased by 10%, primarily because of lower tariffs.
Electrica's consolidated net profit rose 17% year-on-year to 482 million lei in 2015.
Romania's energy ministry owns of 48.8% of Electrica.
Its shares were trading 0.50% up at 12.16 lei by 1203 CET on the Bucharest Stock Exchange.
(1 euro = 4.4974 Romanian lei)