EnglishThe Board of Directors of Transelectrica Bucharest has proposed to shareholders a new income and expense budget for the current year, forecasting a 7.14% increase in gross profit to 75 million RON (22.6 million EUR), acording to a report to the Bucharest Stock Exchange.
Initially, shareholders have approved an income and expense budget which forecast a gross profit of 70 million RON. According to the new budget draft, the company anticipates overall revenues of 2.574 billion RON (775.4 million EUR), up 2.14% as compared to the initial estimates (2.52 billion RON), while total expenses are expected to amount to 2,499 billion RON (752.8 million EUR), up 2% from the initial budget draft (2.45 billion RON).
Transelectrica posted a net profit of 54.58 million RON (17.41 million EUR), in the first half of 2007, down by 50% from the same period last year, due to a drop in energy consumption, but above estimates. Turnover amounted to 1.069 billion RON (341.236 million EUR), down by 13.9% from H1/06.
The company has a share capital of 733 million RON, divided into 73.3 million shares with a face value of 10 RON. The majority shareholder is the Romanian state with 76.5% in the company, followed by Proprietatea Fund with 13.5%. Transelectrica is listed on Tier 1 of the Bucharest Stock Exchange as TEL and has a market capitalisation of over 3.034 billion RON (914 million EUR).
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