September 9 (SeeNews) - Romanian power grid operator Transelectrica said on Wednesday it plans to cut by 86% its earlier forecast for this year’s gross profit to 10 million lei ($3.4 million/2.3 million euro).
Transelectrica sees its total revenue at 2.69 billion lei this year, down from 3.07 billion lei forecast earlier. Total costs are expected to reach 2.68 million lei, less than the 3.0 billion lei projected earlier, Transelectrica said in a statement. The company gave no reasons for the revision.
The projections are pending approval by company’s shareholders at a meeting on September 22.
Transelectrica 's gross profit fell to 51.2 million lei last year from to 76.1 million lei in 2007.
Transelectrica is listed on the Bucharest Stock Exchange, BVB, and is part of BVB’s blue-chip index BET. Its shares traded 0.77% down at 12.9 lei by 1241 GMT on Wednesday.
(1 euro=4.2466 Romanian lei)