February 13 (SeeNews) - Romanian power supplier and distributor Electrica [BSE:EL] said on Monday its consolidated net profit dropped 20% to 239.2 million lei ($56.5 million/53.1 million euro) last year.
Electrica's 2016 revenue fell 5.5% on the year to 362 million lei, the company said in its 2016 unaudited consolidated financial report filed with the Bucharest Stock Exchange, BVB.
"The result of 2016, compared with 2015, was influenced by the recording of expenses related to the previous years (2008-2010) amounting to 52.3 million lei and of provisions for doubtful debts, amounting to 41 million lei resulted from the 2016 current activity, for which the management estimates a low recoverability," Electrica said.
The company's operating loss doubled to 141 million lei in 2016 compared to the previous year, while its net finance costs climbed 4% on the year to 387.9 million lei.
Electrica's investments in its subsidiaries stood at 1.43 billion lei in 2016, at the same level as in the previous year. Its total assets amounted to 3.98 billion lei at end-December 2016 from 4.03 billion lei at end-December 2015, the report further showed.
With approximately 10.000 of employees, the company is providing services to over 1.6 million customers and is operating at national level–organized in three zones for electric power distribution:Transilvania Nord,Transilvania Sud, Muntenia Nord and all over the country for the electric power supply, maintenance and energy services.
Blue chip Electrica, in which the state owns 48.8%, is simultaneously listed on the Bucharest Stock Exchange and the London Stock Exchange.
Its shares were changing hands 3.55% down at 13.58 lei by 1132 CET on the BVB on Monday.
(1 euro=4.5006 lei)