Romanian state-run power grid operator Transelectrica (TEL.RO) Tuesday said its net profit dropped 87.4% on the year to 22.58 million lei ($6.13 million) in the first half, hit by higher costs, news agency Mediafax reports.

In the first six months of 2011, Transelectrica reported a net profit of RON178.6 million.

The company posted earnings before interest, tax, depreciation and amortization, or Ebitda, of RON226.3 million in January through June, down 34.3% on the year.

Earnings before interest and tax, or EBIT, fell 64.7% to RON69.9 million, Transelectrica said in its preliminary financial report.

Overall costs rose 18.9% on the year to RON1.46 billion in January through June, while total revenue advanced 3.3% to RON1.49 billion.

Revenue from transport services slid 4.95% to RON518.4 million in the first half from the year-ago period, due to a 5.91% decline in electricity volumes to 27.34 million megawatts per hour, Transelectrica said.

The company reported net turnover of RON1.44 billion, up 7.8% from RON1.34 billion in the first half of 2011.

The results are unaudited, unconsolidated and computed under Romanian accounting standards.

For the whole of 2012, Transelectrica expects its net profit will fall 55.6% to RON40 million, from RON90.2 million a year earlier.

Romanian Economy Ministry owns 58.69% in Transelectrica, while investment fund Fondul Proprietatea holds a 13.5% stake.

Monday, Transelectrica closed up 1.06% at RON13.34 a share in Bucharest .
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