March 21 (SeeNews) - Austria's Raiffeisen Centrobank (RCB) said on Friday it maintained its 'Buy' recommendation on Romanian power grid operator Transelectrica after the company released its consolidated 2007 financial results and dividend proposal. “Though we see the news as positive, we do not expect a significant improvement in our estimates based on the consolidated results, thus for the moment we maintain our Buy recommendation and target price of 35.0 lei ($14.5/9.4 euro) per share,” RCB said in a statement. Transelectrica earlier on Friday proposed to pay a gross dividend of 0.36 lei per share for 2007, down from 1.47 lei per share it paid for 2006. The dividend proposal was some 16% higher that RCB’s estimate. The company’s 2007 net profit was 63 million lei, down by 79% from the previous year and exceeding RCB’s forecast by 22%. Transelectrica’s revenue for 2007 amounted to 2.4 billion lei, in line with RCB estimates. "On the costs side, technological consumption and salaries exceeded our forecast by 10% and 8.0% respectively, but other transport related expenses were below our projections, operating profit reaching 175.5 million lei, 13% higher than our estimate," RCB said.
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