Romanian state-run power grid operator Transelectrica (TEL.RO) Monday said its first-quarter net profit fell 73% on the year to 43.6 million lei (EUR12.7 million), hit by lower operating profit and higher costs, news agency Mediafax reported.

In January-March 2011, Transelectrica posted a net profit of RON160.8 million.

The company said operating profit more than halved to RON71.6 million in the first quarter, from RON150.6 million in the year-ago period.

Transelectrica reported overall costs of RON811.6 million in the first three months, up 37% on the year, while total revenue advanced 11% to RON900 million.

Sales increased 17.7% to RON884.2 million, from RON750.8 million in the first quarter 2011.

At around 0950 GMT Transelectrica shares traded down 5.8% at RON13 in Bucharest , amid a declining market.

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