Romania’s Hidroelectrica H1 profit at around 170 mln euro, Investors
BUCHAREST (Romania) – Romanian insolvent hydropower producer ‘Hidroelectrica’ booked a profit of 170 million euro ($184 million) in the first half of the year, its judicial administrator said.
The company has reduced its debts to less than 110 million euro from some 1.2 billion euro in 2012, the head of the company’s judicial administrator, Remus Borza, told Piata Financiara magazine. A transcript of the interview was released by Hidroelectrica on Wednesday.
The company said earlier it targets a profit of more than 300 million euro this year and an output of over 18 terrawatt-hous (TWh).
Hidroelectrica’s 2014 gross profit rose to a record-high 1.2 billion lei ($294 million/272 million euro), while its turnover climbed to 3.4 billion lei. The company produced 18.5 TWh of electricity in 2014, above its 17.5 TWh target.
State-controlled Hidroelectrica operates more than 200 hydropower plants with a combined installed capacity of over 6,400 MW.
The company has been undergoing reorganisation since February 2014. It was first declared insolvent in June 2012 and exited insolvency proceedings in June 2013.
The Romanian government plans to float a 15% stake in Hidroelectrica on the Bucharest bourse once the company wraps up insolvency procedures.
- June 14, 2023 The Serbian Institute for Critical Materials launches a regional mining platform for knowledge exchange
- April 24, 2023 Without sustainable mining, there is no renewable future
- March 25, 2023 Europe revives mining to reduce dependence on the import of key raw materials
- March 8, 2023 Calcium Carbonate Industry, Reshaping the Market Growth, Serbian supplier to match European industrial demand
- August 13, 2023 Environment South East Europe Watch temporarily suspends the activity
- August 9, 2023 Regional Coalition Aims to Protect Up to 400 Kilometres of Rivers Across Southeast Europe
- August 9, 2023 Meeting Serbia’s Energy Needs: A Smart Siting Map for Solar Power