Romanian power supplier and distributor Electrica Group‘s said that its consolidated net profit fell 59.8% year-on-year to 76mln lei (€ 15mln) in the first half of 2021, according to See News.
Electrica’s revenues rose by an annual 1.9% to 3.26bln lei in the first half of 2021, the company said in an unaudited consolidated interim financial statement.
The group’s total assets fell to 7.89 bln lei at the end of June, compared to 8.06 bln lei at end-December 2020.
The total distributed electricity volume increased by an annual 9.1%, and the retail supplied electricity volume edged up by an annual 0.8% in the first six months of 2021.
“In the context of profound and fast transformations in the energy market, one dominated by unpredictability, energy trading prices have risen significantly over the past period, reaching record levels even in the Romanian market,” said Electrica Group CEO Corina Popescu.
“This development, difficult to anticipate, determined by factors external to the company, generated a significant increase in the electricity purchase costs,” she noted, adding that despite risk management policies, part of the effect was also felt on the financial results for the first half of the year.
The group’s consolidated net profit surged 87.5% on the year to 388mln lei in 2020.
Electrica Group, in which the Romanian state owns a stake of 48.8%, provides services to over 3.8 million customers. Its shares are listed on the Bucharest Stock Exchange and the London Stock Exchange.
Electrica’s shares changed hands 3.07% lower at 12 lei on Wednesday by 0928 CET on the Bucharest bourse.