Electrica Banat's profit down by half

Energy distributor Enel Electrica Banat, controlled by Italian utility giant Enel, posted a gross profit worth 19.7 million euros last year, almost half the 32.3 million euros seen in 2004, according to data the company provided to the Official Gazette. The company posted a turnover worth 280 million euros in the same period, a 27% increase against the figure seen in the previous fiscal year. Company representatives did not wish to comment on the financial results. The company is a part of the portfolio of the giant Italian distributor Enel SpA.
The privatisation contract was signed by the Italians at Enel with the Romanian state in 2004, and the sum for which stakes of about 25% in Electrica Banat and Electrica Dobrogea were acquired stood at about 125 million euros. Debts of the Banat distributor amounted to some 75 million euros upon its takeover by the Italians. The company’s name was changed from Electrica Banat to Enel Electrica Banat in the first half of this year.