Romanian power supplier and distributor Electrica Group posted net consolidated profits of RON 142 million (EUR 31.5 million) in the three months through March, up by 12% from the same period of the previous year. According to the company’s press release, EBITDA was also increased by 12%, to EUR 57.3 million.
Operating profit in the first quarter was EUR 37.7 million, up 19% on an annual basis, operating revenues increased 6% to EUR 336 million, and operating expenses rose 5% to EUR 298 million. Revenues from the electricity distribution segment decreased by 10% primarily because of lower tariffs, and the operating expenses increased due to higher electricity purchase costs compared to the first quarter of last year, the statement adds.
“Despite major changes in the energy market, including the regulatory framework, Electrica’s financial results in the first three months of this year are very good,” the company’s CEO Iuliana Andronache said, according to the statement.
Electrica said it plans to invest EUR 185 million in infrastructure this year. In 2015, the group invested EUR 122 million, 56% less than initially planned. Last year, Electrica announced it set EUR 710 million for the period through 2018 in Romania.