May 18 (SeeNews) - Romanian power supplier and distributor Electrica Group [BSE:EL] said its consolidated net loss narrowed to 66.6 million lei ($14.5 million/13.4 million euro) in the first quarter of 2023, from 157.8 million lei in the like period of last year.
Electrica's operating revenues rose 7.8% on the year to 3.512 billion lei in the first three months of 2023, the company said in an unaudited consolidated interim financial statement filled with the Bucharest Stock Exchange on Monday.
“The financial performance of Electrica Group in the first quarter of this year attests to our corporate robustness and our commitment to operational optimization and strategic adaptation in the context of fluctuating economic and legislative landscapes,” Electrica CEO Alexandru Chirita said.
The group's total assets rose to 12.119 billion lei at the end of March, compared to 11.623 billion lei at the end of December, while its liabilities reached 6.818 billion lei, up by 9% since the end of last year.
Electrica Group booked a consolidated net profit of 560 million lei in 2022, rebounding from a net loss of 553 million lei in the previous year, it said in an annual financial statement posted on its website.
Electrica Group, in which the Romanian state owns a stake of 48.8%, provides services to over 3.8 million customers. Its shares are listed on the Bucharest Stock Exchange and the London Stock Exchange.
Electrica's shares changed hands 0.92% higher at 8.81 lei by 1506 CET on the Bucharest bourse.
(1 euro=4.9731 lei)