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BUCHAREST (Romania), November 15 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] reported on Friday a net profit of 74 million lei ($17 million/15.5 million euro) for the first nine months of 2019, down 25% on the year.
The financial results were negatively influenced by higher costs on the electricity market which were not compensated by increased revenues in the analysed period, Transelectrica said in a filing to the Bucharest Stock Exchange, BVB.
Also, a rise in average transport tariffs did not offset higher electricity acquisition prices to cover its technological consumption, the company added.
Total revenues rose by 6% to 907 million lei in the first nine months of the year.
EBITDA shrank 8% on the year to 325 million lei in the first nine months, while operating expenses rose 17% to 582 million lei.
Electricity production increased by an annual 7%, as consumption remained flat on the year in the review period. Net electricity exports were down by 27% on the year during January-September.
Transelectrica's net profit tripled to 89 million lei in 2018, positively influenced by a drop in operational costs, which managed to compensate a drop in operational revenues.
The Romanian finance ministry owns some 59% of Transelectrica.
Transelectrica shares traded 1.96% higher at 20 lei as at 1407 CET on Friday on the BVB.
(1 euro=4.7667 lei)