August 16 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] said on Wednesday its net profit fell 31% on the year to 98 million lei ($25 million/21 million euro) in the first half of 2017, mainly due to a decline in income from energy transmission services.
Financial results were negatively influenced by 10% lower transmission prices as compared with the first half of 2016, Transelectrica said in a filing to the Bucharest Stock Exchange, BVB.
EBITDA shrank 17% to 285 million lei during the January-June period.
Transelectrica's first-half revenues fell 5% on the year to 615 million lei, while total operating expenses rose 38% to 1.61 billion lei.
Electricity production, consumption and net exports in the first half of 2017 increased by 5%, 3% and 9%, 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.
Transelectrica shares traded 1.06% lower at 27.9 lei as at 1137 CET on Wednesday.
(1 euro=4.5710 lei)