Nuclearelectrica [BSE:SNN],
the operator of Romania's sole nuclear power plant Cernavoda, said on Thursday
itsnet profit rose 11% on the year to 35.4 million lei($9
million/7.9 million euro) in the first quarter of 2015.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by
an annual24% to 160.3 million lei in the first quarter, while earnings
before interest and taxes (EBIT) surged 131% to 44.2 million lei,
Nuclearelectrica said in itsunaudited first-quarterfinancial
statement.
Nuclearelectricaproduced about 2.76GWh of electricity in the three
months through March, 2% down on the year.
Electricity sales generated revenues of 440.3 million lei in the first quarter,
up from 433.3 million a year earlier.
Commenting on Nuclearelectrica's financial results, Raiffeisen Bank said in a
note to investors that the company has changed its policy for accounting for a
tax on special constructions, and itnow incurs the whole annual amount in
the first quarter. That is why thenet profit for the first quarter of
last year, reported initially at 102 million lei, wasnow reduced
to32 million. This year, Nuclearelectrica'sfirst-quarter net profit
was 14% below the bank'sestimate.
"For the moment we rate these results as neutral
[...],"Raiffeisen Bank added.
The Cernavoda plant, located in southeastern Romania,has two reactors of
700 megawatts each, which cover roughly a fifth of the country's power needs.
Blue chip Nuclearelectrica closed 0.39% up at 7.65 leion Wednesday.
Source: SeeNews
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