National energy transporter Transelectrica (TEL) ended the first six months of 2012 with a net profit of 22.58 million lei (5.1 million Euros), almost 8 times less compared to last year's similar period (down 87.36%), even though it had posted a profit of 43.6 million lei in Q1 2012.
After the first six months of 2011, Transelectrica had a net profit of 178.63 million lei.
The bi-annual report of the company says: "This was predominantly caused by the reduction of the energy consumption in the SEN (National Energy System), which led to a decrease of all our revenue categories which depend on the former, (transport service, system services, wholesale market), by the increase in liabilities generated by the transport tariff, by the tariff of system functional services; the increase of the material expenses (amortization, maintenance and other services provided by third parties) and of personnel expenses (the payment of the employee revenue sharing)".
The net revenue on June 30th, 2012 was 32.22 million lei, down 85.05% over H1 2011f, but in line with the approved budget (an insignificant increase of 1.65%).
In the first semester, the net turnover of "Transelectrica" reached 1.447 billion lei, up 7.86% compared to June 30th, 2011 (1.341 billion lei) and represents revenues obtained from providing licensed services on the electricity market.
The company's total revenues increased 3.28% YOY in H1 2012, to 1.489 billion lei, whereas the total expenses reached 1.457 billion lei on June 30th, 2012, up 18.79% YOY.
Operating revenues increased 7.77% between January and June 2012 compared to H1 2011, to 1.46 billion lei.
Compared to the first semester of last year, operating revenue fell 3.88 in H1 2012, as electricity supplied to consumers fell 5.91%.
A significant increase (109.09%), was seen by the revenues from the balancing m
