November 13 (SeeNews) - Nuclearelectrica, the operator of Romania's sole nuclear power plant Cernavoda, said on Monday its net profit leapt to 225.3 million lei ($56.4 million/48.4 million euro) in the first nine months of 2017, driven by increased electricity output and sales.
The net profit of Nuclearelectrica totalled 102.4 million lei in the prior-year period.
The company's results in the first nine months of 2017 were influenced by a rise in electricity produced, respectively sold, due to a shorter-than-planned outage of Cernavoda's Unit 2 in the second quarter, of just 26.5 days, Nuclearelectrica said in a statement filed with the Bucharest Stock Exchange, BVB.
Nuclearelectrica's electricity sales generated revenues of 1.36 billion lei in the first nine months of 2017, up 18% year-on-year.
During January-September, Nuclearelectrica electricity output rose to 7.76 million MWh , up 2.3% on the year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by an annual 38.5% to 647.1 million lei in the first nine months of the year, mainly as a result of a 17.4% rise in operating income influenced by higher electricity sales.
The company's total revenue rose by an annual 17% to 1.37 billion lei in the first nine months of the year.
In 2017, the company plans to invest 231.6 million lei, of which 27% has already been invested as at end-September 2017.
Nuclearelectrica's net profit dropped 27% to 108.7 million lei last year, influenced by the unfavourable fluctuations in exchange rates, lower regulated energy transmission tariffs and lower energy sales.
The Cernavoda power plant, located in southeastern Romania, has two units of 700 megawatts each, which cover roughly a fifth of the country's power needs.
At end-October, Nuclearelectrica said it has established a Refurbishment Division for its its NPP Unit 1.
At the end of August, Nuclearelectrica named Cosmin Ghita as interim CEO for four months, to replace Daniela Lulache whose mandate expired and could not be extended. Since June, Ghita, 28, is also president of the administration council of Romania's National Uranium Company (CNU).
In February, Romania's energy ministry said that it intends to speed up negotiations with China General Nuclear Power Corporation (CGN) on the construction of reactors 3 and 4 of Cernavoda NPP. The negotiations with CGN were extended three times last year.
In December 2015, Nuclearelectrica said it expects to set up a joint venture with CGN in 2016 and begin the construction of a pair of new units at the power plant, a project estimated to cost 6 billion euro ($6.9 billion) at the time, in two to three years. Under the memorandum of understanding on the project, the Chinese investor will hold a stake of at least 51% of the joint venture company that will do the job, while Nuclearelectrica will own at least 30%.
Nuclearelectrica shares traded flat at 7.64 lei by 1321 CET on Monday on the Bucharest bourse.
The energy ministry holds a 82.49% stake in Nuclearelectrica.
(1 euro =4.6495 Romanian lei)