Romanian gas transporter Transgaz posts flat turnover, lower profit in wake of secondary listing

Romania gas company Transgaz ended the first quarter of the year with a turnover almost flat compared to the first three months of 2011 – some EUR 104.6 million. Its net profit was of almost EUR 40 million, down 11 percent on the same period in 2011.

The country's natural gas transporter is controlled by the state, through the Economy Ministry, which controls some 73.5 percent of the shares. Fondul Proprietatea owns 15 percent in the company. Transgaz is one of the companies to be privatized this year – some 15 percent in the company should be sold through a secondary public offering on the Bucharest Stock Exchange. The listing, which should happen sometime in June, will be mediated by Raiffeisen Capital&Investment, Wood&Company Financial Services and BT Securities. editor@romania-insider.com