13m-euro profit for Transelectrica's branches

Transelectrica’s six branches have pushed the company’s 31 million-euro profit up by a further 13 million euros. The national grid company posted a total net profit worth 43.6 million euros in the first six months of the year, a 36% increase against the same time last year, even exceeding the level seen for the whole of 2005, when the company reported income worth 35 million euros. Consolidated results were reported in accordance with international accounting standards. According to information supplied by the company, Transelectrica closed the first half with a net profit of 31 million euros, the results of the branches not included. Transelectrica’s subsidiaries Opcom, Smart, Formenerg, Teletrans, Icemenerg and Icemenerg Service contributed a further profit of 12.6 million euros towards the group’s total. The company’s operating income reached 324 million euros, a 91% increase against the same time last year. Data released by the company’s auditor, the professional services provider KPMG, shows that Transelectrica has taken out long term loans from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank and the International Bank for Reconstruction and Development (IBRD). Moreover, according to the auditor, the group has not met certain conditions stipulated in the loan contracts, which could cause the banks to ask for an early repayment of these loans.