Power supplier Transelectrica (TEL) scored a net profit of 47.26 million lei during the first three months of the year, 42 percent less than the similar period last year, as business compressed by 12 percent, according to the financial results sent to Bucharest Stock Exchange, NewsIn informs.
The net profit corresponding to the first quarter of 2008 stood at 82.19 million lei.

The turnover reached 691.26 million lei by March, ducking 12 percent under that registered last year, of 788.16 million lei.

At the same time, the company's total revenues shrank by 11 percent in the first quarter, to 703.32 million lei, versus 795.05 million lei during the first three months of last year.

Transelectrica managed to cut expenses by 7 percent to 637.36 million lei, after they stood at 685.06 million lei during the same period last year.

The electricity transporter has been listed on BSE in 2006, on August 29. The company is majority owned by the Economy Ministry, with a 73.69 percent stake. Proprietatea Fund, created to compensate people whose properties were illegally taken by the communist regime, owns 13.50 percent shares.

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