Romanian state-owned electricity producer Hidroelectrica estimates it will end this year with a record gross profit of RON 1.1 billion (some EUR 248 million), up 22% compared to 2013 and three times over the one registered in 2010, when the company registered the highest electricity production, according to a statement of the company.

In the first ten months of this year, Hidroelectrica also registered a record profit of RON 943 million (over 210 million), up 23.6% compared to the gross profit registered in the same period the previous year. In October, the company also registered the highest monthly profit ever, of RON 124 million (EUR 28 million).

In the first 10 months of 2014, Hidroelectrica produced and delivered 15.5 TWh and estimates a minimum production of 17.5 TWh for the entire year. The company’s turnover in the first ten months was EUR 628 million, up by 11% compared to the same period of 2013.

For the whole year, Hidroelectrica estimates a turnover of over EUR 720 million. The estimated gross profit margin is 34%.

Hidroelectrica reentered insolvency at the beginning of this year, due to legal problems related to the first insolvency procedure. The Romanian state is the majority shareholder of the company.

Irina Popescu, irina.popescu@romania-insider.com