The expected result is 3.6 times lower than preliminary profit for 2008, of RON 1.8 billion (€488.7 mln), due in large part to the sale of the Muntenia Sud branch to the Italian Enel group, for which it cashed in some €395 million directly. “Gross preliminary profit for 2008 ... generated by the main segment is RON 1.3 billion (€353 mln),” said Ioan Folescu, General Manager of Electrica, quoted by Mediafax news agency. He added that the Ministry of Economy-owned company scheduled investments this year worth some RON 645 million (€161 mln), of which RON 287 mln (€71.7 mln) for maintenance activities, according to quoted source.
Electrica officials estimated at the beginning of the year, according to data provided for Business Standard, that gross profit for 2008 would amount to RON 1.5 bln (€407 mln), some ten times higher year-on-year. Contacted yesterday by Business Standard, Folescu, who was appointed General Manager some three weeks ago, stated that the figures for 2008 have been reevaluated, and that the forecast concerning profit for 2009 is based on revenue from exploitation, as well as recovery of receivables from CFR. “We, all creditors, are due to recover receivables from CFR in 2009 worth some €300 million, which also includes amounts owed to the branches privatized by Enel, CEZ or E.ON,” added Folescu. According to the latest data available, Electrica was due to cash in some RON 300 mln (over €80 mln) from CFR.
