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Higher sales lift 9-mo net profit of Romania’s Nuclearelectrica

Higher sales lift 9-mo net profit of Romania’s Nuclearelectrica Nuclearelectrica NPPs

BUCHAREST (Romania), November 14 (SeeNews) - Nuclearelectrica, the operator of Romania's sole nuclear power plant Cernavoda, said on Thursday its January-September net profit rose 29.6% on the year to 415.9 million lei ($96 million/87 million euro) on the back of increased electricity sales.

EBIT rose by 36.3% year-on year, while EBITDA grew by 17.3%, mainly due to the increase of the operating income by 15% to 1.8 billion lei, Nuclearelectrica said in aх interim financial statement filed with the Bucharest Stock Exchange, BVB.

Nuclearelectrica produced about 7.52 GWh of electricity in the nine months through September, down 1.5% on the year.

Electricity sales generated revenues of 1.77 billion lei in the first nine months of of 2019, up 16.6% year-on-year, as the weighted average price of the electricity sold rose on an annual comparison basis.

Operating expenses increased by 12.6% to 874 million lei, mainly due to the higher cost of purchased electricity and a slight increase of personnel costs.

The company said it plans to invest 256.5 million lei this year, mainly into upgrade works at Cernavoda NPP, of which it has already invested 69.5%.

Nuclearelectrica's net profit rose 27% to 390.5 million lei last year, as electricity sales increased.

The Cernavoda power plant, located in southeastern Romania, has two reactors of 700 megawatts each, which meet roughly a fifth of the country's electricity needs.

Nuclearelectrica shares traded 0.56% higher at 14.26 lei by 1023 CET on Thursday on the BVB.

Romania's energy ministry holds a 82.49% stake in Nuclearelectrica.

(1 euro =4.7635 Romanian lei)