January 9 (SeeNews) - Romania’s power grid operator Transelectrica [BSE:TEL] said it sees its gross profit rising to 51.7 million lei ($15 million/11.9 million euro) this year from 25 million lei estimated for 2011.
The company sees this year’s revenues falling to 2.62 billion lei from 2.78 billion lei budgeted for 2011. Total costs are projected at 2.57 billion lei compared to 2.75 billion expected for last year, Transelectrica said in a statement on Friday.
Last month Transelectrica revised its 2011 budget and cut by 40% its forecast for last year’s gross profit to 25 million lei.
Company’s shareholders will vote on the revised 2011 budget and on the proposed 2012 budget at a general shareholders’ meeting on January 19.
Transelectrica is a component of the blue-chip BET index of the Bucharest Stock Exchange. Its shares closed 1.13% down at 17.5 lei on Friday. No Transelectrica shares changed hands by 0855 GMT on Monday.
(1 euro = 4.3514 Romanian lei)