Nuclearelectrica, the operator of
Romania's sole nuclear power plant Cernavoda, said on Thursday itsnet profit
rose 11% on the year to 35.4 million lei($9 million/7.9 million euro) in the
first quarter of 2015.
Earnings before interest, taxes, depreciation and
amortisation (EBITDA) rose by an annual24% to 160.3 million lei in the first
quarter, while earnings before interest and taxes (EBIT) surged 131% to 44.2
million lei, Nuclearelectrica said in itsunaudited first-quarterfinancial
statement.
Nuclearelectricaproduced about 2.76GWh of electricity in the
three months through March, 2% down on the year.
Electricity sales
generated revenues of 440.3 million lei in the first quarter, up from 433.3
million a year earlier.
Commenting on Nuclearelectrica's financial
results, Raiffeisen Bank said in a note to investors that the company has
changed its policy for accounting for a tax on special constructions, and itnow
incurs the whole annual amount in the first quarter. That is why thenet profit
for the first quarter of last year, reported initially at 102 million lei,
wasnow reduced to32 million. This year, Nuclearelectrica'sfirst-quarter net
profit was 14% below the bank'sestimate.
"For the moment we rate these
results as neutral [...],"Raiffeisen Bank added.
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.
Blue chip
Nuclearelectrica closed 0.39% up at 7.65 leion Wednesday.