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Nov 16, 2017 11:52 EEST
November 16 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] said its net profit fell 70% on the year to 65 million lei ($17 million/14 million euro) in the first nine months of 2017, mainly due to lower income from electrocity transmission services.
Financial results were negatively influenced by 10% lower transmission prices as compared with the first nine months of 2016, Transelectrica said in a filing to the Bucharest Stock Exchange, BVB, on Wednesday.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) shrank 17% to 391 million lei during the January-September period, influenced by lower transmission tariffs and increased average price of electricity purchases.
Transelectrica's January-September revenues rose 27% on the year to 2.41 billion lei, while total operating expenses rose 41% to 2.31 billion lei.
Electricity production, consumption and net exports in the first nine months of 2017 increased by 0.7%, 3% and 13%, respectively, as compared to the same period of 2016.
In 2016, Translectrica posted a net profit of 286 million lei, down 21% on the year due to a cut in transmission tariffs and lower power exports.
The Romanian finance ministry owns some 59% of Transelectrica.
In July, Fitch Ratings assigned Transelectrica a first-time long-term issuer default rating of 'BBB' with a stable outlook. The rating reflects Transelectrica's solid business profile as an owner and operator of the electricity transmission network in Romania, Fitch said.
Blue chip Transelectrica shares traded 0.40% higher at 25.25 lei as at 1014 CET on Thursday.
(1 euro=4.6306 lei)
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