State-owned electricity operator, Transelectrica (ticker: TEL) reported a net profit of 11.45 million lei (€2.7 million) for the nine months through September, 12 times lower than the same period of last year, as turnover fell by merely 10%, according to a release to Bucharest Stock Exchange.

In the first nine months, the company reaped a profit of 132.9 million lei and recorded revenues of 2.01 billion lei.

Turnover fell 11% to 1.79 billion lei (€0.4 billion) in the period under review, while revenues dropped 10% to 1.83 billion lei (€0.8 billion).

Expenses dropped at a lower rate, of 4%, to 1.81 billion lei (€0.4 billion). The electricity company reported a profit of 8.9 million lei (€2.1 million) in Jan-Sep, 13-fold lower than the same period of last year.

Transelectrica has revised its full-year profit forecasts, from 70 million lei to 10 million lei (€2.36 million).

Transelectrica has a share capital of 733 million lei, divided into73.3 million shares with a face value of 10 lei. The Ministry of Economy is the largest shareholder with 73.68% equity position. Fondul Proprietatea holds 13.49% shares.

The company’s market cap is 864.9 million lei (201 million lei) according to yesterday’s closing quote of 11.8 lei/share.