HIDROELECTRICA POSTED RECORD PROFIT IN OCTOBER AND IN JANUARY-OCTOBER (ROMANIA)

The electricity producer Hidroelectrica said it has posted 28 million euros of profit in October, which was the highest ever monthly profit in company’s history.

In the same time, during January-October, the profit reached 213 million euros, which was also new historic high and it was 24 % higher compared to the same period last year.

The overall turnover of Hidroelectrica during January-October reached 629 million euros (+11.2 %), while estimated turnover for 2014 stands at 722 million euros.

During January-October, Hidroelectrica produced 15.5 TWh of electricity. The company added that electricity production during 2014 should reach at least 17.5 TWh.

The company said that the estimated profit in 2014 should reach 248 million euros, which will be the highest ever annual profit and 22 % higher compared to 2013. This result will be even three times higher compared to reported profit in 2010, when Hidroelectrica achieved highest ever annual electricity production of 20 TWh.

Euro Insol, the judicial administrator of Hidroelectrica during the undergoing insolvency procedure, said that the exceptional financial results were the consequence of higher sales and strict-control measures.

Remus Borza from Euro Insol said that the good results of Hidroelectrica were against the paradigm that the state is the bad manager. He added that when the state understands that the management of the state companies needs to be entrusted to the people in accordance to their professional competence and management capabilities and not in accordance to their political party membership, the state companies can generate economic growth.

Hidroelectrica operates some 6,400 MW in hydro power plants and it produces some 30 % of the electricity in Romania.



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