Electrica - Declining expenses provided convincing results
In a nutshell, revenues remained almost flat and grew by 1.3% y-o-y in the second quarter to RON 1.30 bn, while net income amounted to RON 150mn in Q2 which means a 331% increase compared to the same period of last year. EBITDA grew by 74.6% on a yearly basis to RON 286 mn. We also have to mention that, significant y-o-y changes were due to the low basis as the increased electricity acquisition prices, energy crisis weighed on last year’s results. As a result of this, the cost of electricity purchased decreased by 9% or RON 53 mn in Q2 of 2018 which contributed significantly to better results in this period. All in all, we consider it a favorable report due to the rebounced profit line and the positive improvements.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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