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CET Govora reached 30 million RON profit in H1 2017

Heat and electricity producer CET Govora registered a net profit of 30.6 million RON in the first six months of 2017, compared to a net loss of five million RON in the same period of last year.

2017-07-25 12:30:43

The result is due to the revenue growth from the base production by over 30 per cent and the drop-in expenses by over 20 per cent. The favourable results are due also to the growth in EBITDA, by almost four times in the first half of the year compared with the first semester of 2016, from 12 million RON to 46.3 million RON, as well as to the firm's capital growth by 30 million RON.

CET Govora is in insolvency since last May, with Euro Insol SPRL appointed as the judicial administrator.
Cristian Gavril, representative of Euro Insol, commented: "CET Govora registered a positive net result of more than 30 million RON in the first half of 2017 compared to a loss of five million RON in the first half of 2016. Since the insolvency opening and until 30.06.2017, current commercial and fiscal debts amounting to approximately 430 million RON have been paid, due to the continuous growth of available liquidities balance, which reached 120 million RON."

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