Transelectrica - Lower income tax resulted flat profit
Transelectrica reported its H1 earnings yesterday. In a nutshell, Net income came slightly below 17H1 same figure at RON 98 mn (-0.4% YoY) in H1, although we have to mention that significant drop (-60% YoY or RON -13.3 mn) in income tax aided negligible profit decrease on a yearly comparison. Total revenue excluding the balancing market amounted to RON 902 mn, showed a 3.4% YoY decrease. Lower tariffs set by ANRE was the reason behind the drop that was slightly mitigated by the increasing (+2% YoY) amount of electricity delivered to consumers in H1. EBITDA also fell 8% YoY to RON 263 mn out of which profit-allowed operation reached RON 231 mn.
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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