Romanian gas transporter’s net profit, down by a third due to lower revenues

Romanian state-controlled gas transporter Transgaz (TGN) reported a net profit of RON 299 million (EUR 64.3 million) in the first nine months of this year, down by 31% compared to the same period of 2017. The company’s operating revenues from its core activity declined by 14% in the same period, to RON 1.12 billion (EUR 240 million). The drop was mainly determined by lower revenues from capacity booking, as both the tariffs and the booked capacities were lower compared to the first nine months of 2017, and lower revenues from the gas transport operations, also due to lower tariffs. Meanwhile, the operating costs only declined by 4%, to RON 778 million (EUR 167 million). The state holds 58.5% of Transgaz’s shares, the remaining 41.5% being held by private investors. The company has a market capitalization of RON 4.32 billion (EUR 928 million). Romanian state-owned gas transporter gets EUR 46 mln grant to develop gas network editor@romania-insider.com