May 18 (SeeNews) - Romanian power grid operator Transelectrica [BSE:TEL] said that its net profit rose to 80 million lei ($17.4 million/16 million euro) in the first three months of the year, from 8 million lei in the like period of 2022.
The company's total revenues dropped by an annual 10% in the first quarter of the year to 1.108 billion lei, Transelectrica said in a financial report filed with the Bucharest Stock Exchange on Monday.
Operating revenues rose 16% year-on-year to 499 million lei during the January-March period, on the back of increased interconnection revenues and transportation service revenues.
Transelectrica's total operating expenses decreased by 17% on the year to 312 million lei in the first quarter. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached 187 million lei during January-March, compared to 55 million lei recorded in the first quarter of last year.
First-quarter electricity production increased by an annual 4% while consumption decreased by 10% on the year.
Cross-border energy exports soared by an annual 96%, while imports decreased by 47% in the first quarter.
In 2022, Transelectrica booked a net profit of 529 million lei, compared to only 450,000 lei netted in the previous year.
Blue-chip Transelectrica's shares traded 0.4% higher at 25.2 lei as of 1358 lei on Thursday on the Bucharest bourse.
(1 euro=4.97153 lei)
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