Monday, November 17, 2008

Transelectrica Romania Raises 2008 Pretax Profit Forecast

By Irina Savu

Nov. 14 (Bloomberg) -- Transelectrica SA, Romania's state- run power-transmission grid operator, increased its pretax profit forecast 33 percent for this year on increased distribution revenue.

The Bucharest-based company raised its pretax profit forecast to 120 million lei ($40 million) from 90 million lei, the company said today in a filing to the Bucharest Stock Exchange. It posted net profit of 78 million lei in 2007.

Transelectrica also predicted pretax profit will drop 16 percent in 2009 to 100 million lei from this year's forecast, without giving a reason.

Shareholders are expected to approve the forecast increase for 2008 and the forecast for next year on Dec. 15.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

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