Electrica loses 1.5m euros

Electrica SA, Romania’s second-largest company, is again in the red, after breaking even last year. The company logged losses worth 54 billion ROL (1.5m euros) in the first four months of the year, as compared to gross profit of 290 billion ROL (10.2m euros) in 2002. “The purchase of electrical power is the key factor behind the negative evolution of the gross financial results in 2003 as compared to the year-ago period. According to our data, Electrica spent 76% of turnover for the acquisition of electrical power in the first four months of last year. This share has now gone up to 79% of turnover,” Silviu Lucian Boghiu, general manager of Electrica SA told Ziarul Financiar. ZF