Hidroelectrica: The net profit decreases by 8%, due to additional taxation

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The turnover of Hidroelectrica increased, in the first semester (S1) 2019, by 17.9% compared to S1 2018, up to 2,349.3 million lei, and the profit before tax EBITDA increased by 20% compared to S1 2018 to RON 1,748.5 million, and profit before tax increased by 26.2% compared to S1 2018, up to RON 1,465.3 million, according to data from the Proprietatea Fund report.

The report states: “The net profit decreased by 8.3% compared to S1 2018, to 901.5 million Lei. The decrease compared to S1 2018 was determined by the additional fiscal obligations registered by the company as a result of using the amount of RON 1,574.2 million from the previously taxed re-evaluation reserve, to cover the losses related to the depreciation adjustments for the historical complex investments”, quotes financialintelligence.ro.

In the first six months of the year the electricity delivered from its own production was of 8.95 TWh, down from 9.08 TWh during S1 2018, while the total electricity sold reached 9.62 TWh, increasing compared to 9.49 TWh in S1 2018.

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