Electrica recorded in the first nine months of this year a consolidated net profit of 306 million lei, with 12 million lei (4%) higher than that of the same period of 2013, excluding minority interests transferred. According to a statement quoted by Agerpres, operating profit in the first nine months of 2014 was 372 million lei, 3% higher over the one between January and September 2013.

Revenues totaled 3.558 billion lei, down by 412 million lei (-10%) compared with the first nine months of 2013. At the same time, Electrica managed a reduction of costs by 12% to 3.186 billion lei. In the third quarter, net profit was 109 million lei, with an addition of 1% compared to the second quarter.

“From a financial standpoint, we continued towards the close monitoring and cost reduction, falling within targets set by the regulator for regulated activities, and making the activity more efficient in the competitive market, so our performance will maintains us as leader. In the period under review, we started implementing major steps from the action plan dedicated to improve corporate governance. Now we can say we have the advantage of a new Board of Directors, composed of professionals with proven expertise”, said Electrica general manager, Ioan Roșca.

He stressed that the reduction in income was driven by consumption trends, the loss of some troubling consumer and the final prices to end-consumers.

“Returning to the analysis of financial results, the explanation is found in the evolution of energy consumption in line with national consumption, in the loss of some customers causing us liquidity problems and in the evolution of final prices at point of consumption in the competitive market. Worthy of notice is that we were also able to significantly reduce costs, primarily through the purchase of energy at lower prices, and through increasing efficiency in the operating expenses.

We are convinced that by implementing high standards of corporate governance within the Group, and by continuing measures to streamline the activities of all segments, Electrica is on track and will achieve its goal, which is to be a top company in distribution and supply sector in the region”, said Electrica’s general manager.