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Romania’s Nuclearelectrica 9-mo net profit rises on higher sales

Romania’s Nuclearelectrica 9-mo net profit rises on higher sales Nuclearelectrica NPPs

BUCHAREST (Romania), November 14 (SeeNews) - Nuclearelectrica, the operator of Romania's sole nuclear power plant Cernavoda, said on Wednesday its net profit rose 28.3% year-on-year in the first nine months of 2018, reaching 320.9 million lei ($77 million/69 million euro) on the back of increased electricity sales and market deregulation.

EBIT rose by 27% year-on year, while EBITDA grew by 13%, mainly due to the increase of the operating income by 12% influenced by higher energy sales, Nuclearelectrica said in an interim financial statement.

The company's total operating revenue grew by an annual 12% to 1.57 million lei in the first nine months of the year.

Nuclearelectrica produced about 7.64 GWh of electricity in the nine months through September, down 1.5% on the year. Electricity sales generated revenues of 1.51 billion lei in the first nine months, up 11% year-on-year.

The revenue growth was also due to the complete liberalisation of the Romanian electricity market from the beginning of 2018. In the comparable period of 2017, Nuclearelectrica sold 7% of produced energy at a regulated price.

The company said it plans to invest 244.8 million lei this year, mainly into upgrades at Cernavoda NPP, of which it has already invested 47.6%.

Nuclearelectrica's net profit tripled to 303 million lei last year, driven by higher electricity sales.

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

Nuclearelectrica shares traded 1.20% higher at 8.45 lei by 1048 CET on Wednesday on the Bucharest Stock Exchange.

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

(1 euro =4.6599 Romanian lei)