Romanian insolvent hydropower producer Hidroelectrica posted a record-high preliminary gross profit of 1.2 billion lei ($309 million/267 million euro) in 2014, in line with its target, the company said.
Hidroelectrica's 2014 profit rose by 33% compared to 2013 and was three times higher than the one recorded in 2010, the company confirmed for SeeNews on Thursday.
Turnover was 7% up to 3.3 billion lei in 2014.
The good results came on the back of higher sales and strict cost-control measures, the company said.
Hidroelectrica produced more than 18.2 terrawatt-hours (TWh) of electricity in 2014, above its 17.5 TWh target.
The company operates 219 hydropower plants with a combined installed capacity of 6,443 MW.
State-controlled Hidroelectrica has been undergoing reorganisation since February 2014, after exiting insolvency proceedings in June 2013. It was first declared insolvent in June 2012.