Romania Nuclearelectrica net profit falls, beats fcast

Wed May 14, 2014 3:38pm GMT
 

BUCHAREST May 14 (Reuters) - Romania's state-owned nuclear plant Nuclearelectrica recorded a net profit of 102 million lei ($31.5 million) in the first quarter, down 30 percent on the year, as revenues fell because of a drop in energy prices, it said on Wednesday.

The firm, which accounts for a fifth of the European Union state's electricity production, listed a 10 percent stake through an initial public offering on the Bucharest bourse in Sept. 2013 and sold 1 percent to investment fund and minority shareholder Fondul Proprietatea.

Analysts at Raiffeisen Capital & Investment in Bucharest had expected a net profit of 56 million lei and Alpha Finance Romania, 89 million lei.

Its net profit surged in 2013 to 417.4 million lei, roughly 17 times higher on the year driven largely by higher energy sales on the market at competitive prices.

But the company expects its profit to fall this year because of depressed power consumption, lower market prices and higher taxation. ($1 = 3.2365 Romanian lei) (Reporting by Luiza Ilie; editing by Radu Marinas)

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