Romania's Restart Energy net profit plummets 77% in 2023

The company's turnover slumped by an annual 60% to 129.6 million lei last year, it said in a financial report filed with the Bucharest Stock Exchange.

Restart Energy's operating result swung to negative 43.6 million lei in 2023, from positive 27 million lei in the previous year, whereas its financial result turned to positive 48.6 million lei from negative 5.6 million lei.

Total assets stood at 167.5 million lei at the end of 2023, up by an annual 71%, while total debts climbed by 13% to 138.8 million lei.

Going forward, the company aims to consolidate its rooftop segment. Last week, local media reported that Restart Energy has completed the installation of two rooftop-mounted photovoltaic (PV) power generation systems with a cumulative capacity of 1.1 MW for local companies Romtextil and Nordic Group.

Established in 2015, Restart Energy is part of renewable energy group Armand, founded by Armand Domuta.

(1 euro=4.9764 lei)