Romania's Hidroelectrica 9-mo gross profit rises 30% y/y

Romanian hydropower producer Hidroelectrica said on Thursday its gross profit rose 30% year-on-year in the first nine months of 2016, reaching 1.13 billion lei ($276 million/ 251 million euro), seenews.com informs.

In September alone, Hidroelectrica posted a 93 million lei gross profit, double compared to the same period in 2015, the company said in a press release.

During the January-September period, Hidroelectrica electricity output increased to 13.14 TWh, compared to 12.49 TWh in the first nine months of 2015.

In June, a Bucharest court ruled in a non-definitive decision that Hidroelectrica will exit insolvency after four years, paving the way for a long awaited listing on the Bucharest Stock Exchange, BVB.

The decision can be appealed but it should be enforced until a final decision is issued, the court had said.

The initial public offering (IPO) of a 15% stake in Hidroelectrica, which has been going through insolvency proceedings for four years now, is expected to raise 750 million euro ($852 million) this year, the company's court-appointed administrator, Euro Insol, said at the time.

The government in Bucharest owns 80.06% of the company and property restitution fund Fondul Proprietatea holds the remaining shares.

Government plans to dual-list a 15% stake in Hidroelectrica on the Bucharest Stock Exchange and the London Stock Exchange have been repeatedly delayed as insolvency proceedings were taking longer than expected, despite the company's strong financial recovery.

Hidroelectrica operates more than 200 hydro power plants with a combined installed capacity of over 6,400 MW.

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