Friday, November 26, 2010

Romania's Transelectrica sees 2011 profit rising

Nov 25 (Reuters) - Romanian state-owned power grid operator Transelectrica TSEL.BX said on Thursday gross profit should jump next year, after it lowered expectations for 2010.

In a business plan for 2011-2013 sent to the stock exchange on Thursday, Transelectrica said it expects its gross profit to rise to 20.2 million lei ($6.28 million) next year.

It expects 2010 gross profit at 6.5 million lei, lower than initially forecast.

However, it noted that the performance of the leu currency EURRON=, which is key for Transelectrica's results, as it has high foreign debt, is uncertain.

Romania's persistent economic contraction hurt Transelectrica last year and in 2010 as it saw low energy demand and a weak currency.

At the start of the year, the company envisioned a gross profit of 11 million lei. (Reporting by Luiza Ilie; Editing by Erica Billingham)

No comments: