The
consolidated net profit of Croatian state-owned power utility Hrvatska
Elektroprivreda (HEP) surged to a preliminary 1.99 billion kuna ($275.7
million/260.3 million euro) in the first nine months of 2014 from 855.2 million
kuna a year earlier, data of Croatia's state asset management office, DUUDI,
showed on Thursday.
The utility company's total revenues fell 9.9% to a
preliminary 10 billion kuna through September, data from DUUDI's website
indicated.
The company is planned to post a net profit of 740.8 million
kuna in 2014, the preliminary data showed.
HEP invested 1.15 billion kuna
in the first nine months of 2014, down 5.1% from the same period in the previous
year.
In December, a plan for the management of state-owned assets in
2015 posted on DUUDI's website showed that HEP will invest 2.7 billion kuna in
2015 with its net profit seen at 1.23 billion kuna this year on revenues of 13.6
billion kuna.
Last week, local media reported HEP's management should
soon open a tender for an advisor to come up with multiple options to
recapitalise the company through an initial public offering (IPO) on the Zagreb
bourse.
A plan for the management of state-owned assets in 2015 posted on
DUUDI's website showed in December that, depending on the situation on the
capital market, an option could be considered for an IPO of a limited volume of
HEP shares.
HEP group owns and operates over 4,000 MW of installed
generation capacity and 974 MW of heat production capacity, including 25
hydroelectric plants and eight thermal power plants fired by oil, natural gas or
coal.