Romanian state-owned power supplier and distributor Electrica expects to post a
gross profit of 35.5 million lei ($11 million/7.9 million euro) in 2014, the
government in Bucharest said on Wednesday.
The power supplier, which
posted a gross profit of 91.5 million lei in the first half of 2013, is yet to
publish its full-year results.
Electrica targets revenues of 564.3
million lei and costs of 528.8 billion lei this year, the government said in a
statement after approving the company's 2014 business plan.
Romania plans
to raise between $800 million and $1.0 billion (576.3-720.4 million euro) in the
initial public offering (IPO) of Electrica. The government plans to increase the
share capital of Electrica by 105% and list the new shares on the Bucharest
Stock Exchange and the London Stock Exchange in June.
The IPO is part of
a privatization strategy agreed with the International Monetary Fund.