Business News

Net Profit for GEN-I Down 25%

Ljubljana, 09 July (STA) - Electricity distributor GEN-I reported on Monday a EUR 8.14m net profit for 2011, which is a 25.4% decrease on the year before. Operating profit for the company, which also distributes electricity from the country's sole nuclear power plant, was up 64% to EUR 6.1m.

The management said that a quick reaction time and a high level of risk management proved important advantages of the company over the competition last year, which was demanding because of the economic circumstances.

Targets were exceeded substantially, as the GEN-I group generated EUR 1.01bn in revenues, a 55% improvement on 2010. Operating revenues were up 55%, contributing to a 90% improvement in net profit of EUR 14m.

Electricity trading saw the biggest increase in revenues, as the 17.2 terawatt hours sold were a 34.2% improvement of the year before.

While business expanded on traditional markets, the company also entered new markets, for instance Turkey in mid 2011.

When it comes to sales to key clients, market shares were increased on all markets: Slovenia, Croatia, Italy and Austria. The 2.7 terawatt hours of electricity sold in Slovenia gave GEN-I a 22.3% market share.

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