Transelectrica - Lacklustre Results Due To Zero-Profit Activity

Transelectrica - Instant Earnings Comment

Under revision

Target price (12M): Under revision

 

• Transelectrica posted H1/19 results today, BMO. Briefly, Transelectrica reported a net profit of RON 30 million for H1/19, down by 69% YoY, due to a temporary financial loss of RON 58mn in the zero profit activities segment. On the profit allowed activities segment, EBIT increased by 23% to RON 97mn, as operating revenues increased by 9% to RON 609mn, amid higher transmission tariff. Charged energy volume stood flat at 27.9 TWh in H1/19.
• Opinion: We are looking for a recovery in H2 as ANRE increased system tariffs  effective from 1^st of July.

 

Gabor Bukta
analyst

CONCORDE SECURITIES LTD.

Alkotás Point
55-61 Alkotás street, H-1123 Budapest.
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MEMBER OF THE CONCORDE GROUP

 

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