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HIDROELECTRICA sees pretax profit of RON 85 million

Romania's biggest electricity producer provides, in its budget for this year, a pretax profit of RON 85 million. HIDROELECTRICA estimates incomes of RON 3.06 billion, against expenses of RON 2.98 billion, according to the draft budget unveiled by the Ministry of Economy, the majority shareholder of the company, Money.ro reports.

Out of the pretax profit of RON 85 million, the state budget will receive RON 14 million as profit tax, plus another RON 60 million representing the company's obligation to transfer at least 50 pc of the profit to the budget, under the form of state dividends. The company budget for 2011 provides for investments worth RON 1.5 billion, as follows: RON 860 million from own sources, RON 640 million from external bank loans, and RON 10 million from allocations from the state budget. The average number of employees provided by the company budget this year is 5,300, at an average monthly salary of RON 5,181. At the beginning of this year, Mihai DAVID, Member of the Board of Administrators and former CEO of HIDROELECTRICA, estimated a pretax profit of RON 112 million for this year, up more than 50 pc from the profit planned for 2010 (RON 71 million). The company operates 126 hydropower plants and pumping stations, with a total power exceeding 6,400 MW, which account for some 28 pc of Romania's electricity output.

Published on 22.03.2011

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