CET Govora’s profit at RON 30 mln in H1

Heat and and electricity producer CET Govora registered a net profit of RON 30.6 million in the first semester of the year, taking into account that in the same period of 2016, the company registered a net loss of RON 5 million. The result is due to the revenue growth from the base production by over 30 percent and the drop in expenses by over 20 percent.

The favorable results registered are due also to the growth in EBITDA, by almost 4 times in the first quarter of the year compared with the first semester of 2016, from RON 12 million to RON 46.3 million, as well as to the state-owned firm’s capital growth by RON 30 million.

CET Govora is in insolvency since last May. The judicial administrator was appointed Euro Insol SPRL.

“Since the insolvency opening and until 30.06.2017, current commercial and fiscal debts amounting to approximately RON 430 million have been paid, due to the continuous growth of available liquidities balance, which reached RON 120 million, ” said Cristian Gavril, representative of Euro Insol.