Electrica: business down and profit cut in half

The national energy distributor and supplier Electrica, posted consolidated turnover of 4.28 billion RON (1.22 billion euros) in the first nine months of the year, down 23% against the corresponding period of last year when the company logged 5.58 billion RON (1.57 billion euros). Gross profit also dropped to 307.6 million RON (88 million euros), less than half of the profit in the January-September 2005 period. Data include results of both Electrica and the unprivatised branches. “The results posted have been a consequence of the privatisation of two branches in charge with electricity distribution and supplying, as well as the spinning off of Electrica’s maintenance and energy services branch,” announced Nicolae Coroiu, Electrica’s general manager on Tuesday. In the first three quarters of 2005, Electrica reported a gross consolidated profit worth 768.6 million RON (216 million euros). Excluding results posted by branches, Electrica Bucharest’s turnover dropped in the January-September 2006 period to 752.3 million RON (215 million euros from the 2.6 billion RON (740 million euros) in the same period of last year.