Romanian insolventhydropower producer Hidroelectrica said on Wednesday its
gross profit rose 23.6% on the year to a record-high 943 million lei
($266million/213million euro) in the first ten months of the year.
For
the entire 2014, Hidroelectrica targets a record-high profit of 1.1 billion lei,
up 22% from the previous year,Hidroelectrica said in a statement.
In
October alone, the company posted an all-time-high monthly profitof 124 million
lei.
The good results came on the back of higher sales and strict
cost-control measures, the company said.
Hidroelectrica produced and
delivered 15.5 terrawatt-hours (TWh) of electricity in the first 10 months of
the year. For the entire 2014, it targets a production of 17.5
TWh.
Turnover reached 2.786 billion lei through October, 11.2% up on the
year. The company expects to achieve a turnover of 3.2 billion lei this
year.
State-controlled Hidroelectrica was placed back under
reorganisation procedure in February, after exiting insolvency proceedings in
June 2013. It was first declared insolvent in June 2012.