Nuclearelectrica, the operator of Romania's sole nuclear power plant Cernavoda,
said its nine-monthnet profit dropped 68%to 99.8 million
lei ($28.2million/22.6million euro) hurt bylower power prices and a newtax
introduced at the beginning of the year.
The decrease in net profit
wasmainly caused by a 19% annualdrop in powerprices on competitive
marketsand by the impact of a tax on special buildings,amounting to 67million
lei in the first nine monthsof 2014,the company said in a statement filed with
the Bucharest Stock Exchange on Friday.
"...Moreover, significant
revenues from penalties have no longer beenearnedin2014," the company said,
adding that these revenues were in amount of 43 millionleiin the first nine
months of2013.
Nine-month power sales fell 9.0% on the year in terms of
value, to 1.23billion lei, and by 1.0% in terms of volume, to 8.0 terrawatt
hours, the company added.
Earnings before interest, taxes, depreciation
and amortisation (EBITDA) fell 33% on the year to444 million lei through
September. Earnings before interest and taxes (EBIT) dropped 70% to 108 million
lei in the period under review.
The Cernavoda plant, located in
southeastern Romania,has two reactors of 700 megawatts each, which cover
roughly a fifth of the country's power needs.
Commenting on
Nuclearelectrica's financial results, Raiffeisen Bank said in a note to
investors on Monday,"We are pleased by these results, especially by the fact
that the company was able to reduce significantly the weight of sales on spot
market." The bank's analysts see the company's results as positive for its share
price.
Blue chip Nuclearelectrica was trading 2.82% lower at 7.92 lei by
0925CET on Monday.