Transelectrica announced earnings results for the first quarter of 2016. For the quarter, net profit fell 21.6% on the year to RON 99 million against RON 126 million a year ago. Revenues came under downward pressure due to tariff cuts as of mid-year 2015, when tariffs were curtailed to offset the excess income earned in the previous tariff year due to higher-than - expected volumes. Gross profit was RON 118 million against RON 150 million a year ago. EBIT was RON 129 million against RON 167 million a year ago. Total revenue was RON 755 million against RON 779 million a year ago. In 2015 the company posted a net profit of RON 366 million, up 2.5% from a year earlier.