BUCHAREST (Romania), August 10 (SeeNews) - Raiffeisen Capital&Investment Research said on Friday it sees Romanian power grid operator Transelectrica [BSE:TEL] turning to a net loss of 5.0 million lei ($1.3 million/1.1 million euro) in the second quarter of 2012 from a net profit of 17.7 million lei a year earlier.
For the first half of the year, the company is seen posting a net profit of 38.6 million lei, down from 187.6 million lei in the same period a year ago, Raiffeisen Capital&Investment Research, RCI, said in a preview of Transelectrica’s second-quarter results.
Blue chip Transelectrica will release its second-quarter and first-half results on August 14.
"We expect the volume of electricity transported in 2Q to stand more than 5% lower year-on-year. We based our forecast on the data reported by the regulator for April and May which showed declines of 8% and respectively 4.0% year-on-year," RCI said.
The profitability drop is attributed mainly to the fall in transmitted quantities.
"The Romanian leu depreciation over the quarter is expected to generate FX losses from the revaluation of the FX denominated loans, turning the bottom line in red," RCI said.
Following are some of RCI's projections about Transelectrica's results (in millions of lei):
|Earnings per share (in lei)||0.5||-0.1|
Transelectrica shares were not traded by 1000 GMT on the Bucharest bourse on Friday. The stock closed down 1.4% at 13.41 lei on Thursday.
(1 euro=4.5466 Romanian lei)