Romania's Hidroelectrica first-half net profit jumps 62%
Romania's Hidroelectrica first-half net profit jumps 62% Aug 11 (Reuters) - Romanian state-owned power producer Hidroelectrica ROH2O.BX reported on Tuesday a 62% year-on-year jump in first-half net profit, helped by stronger electricity production under improved conditions, such as Danube river levels in the first quarter, and a fast-growing customer base.
The group posted net profit of 2.57 billion lei ($566.37 million) in January-June, up from 1.59 billion lei in the same period last year.
First-half revenue increased 40% on the year to 6.05 billion lei.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) climbed 51% to 3.32 billion lei.
Net electricity production rose 17% to 7,070 gigawatt hours.
The company expanded its customer base by 83% year-on-year to nearly 1.4 million as of June 30, with growth in both household and non-household customers, saying its offers were competitively priced.
Hidroelectrica said operational efficiency, renewable energy and storage projects remain priorities to reduce exposure to changes in hydrological conditions.
($1 = 4.5377 lei)
(Reporting by Antonis Pothitos; Editing by Susan Fenton)
((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))
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