Romanian gas transporter plans to triple investments

Romania's gas transporter Transgaz Medias has budgeted investments worth EUR 143 million for 2015, 3.6 times higher than the total investments realized last year. The company has EUR 294 million available to finance the investments, according to the budget draft approved by the Ministry of Energy, which is the company’s majority shareholder, with a 58.5% stake. Transgaz had an investment budget of some EUR 94 million in 2014 but only invested EUR 40 million, according to the company’s annual report. The company’s operational revenues should stay at EUR 382 million, similar to 2014 whereas the operational costs are estimated at some EUR 282 million, some 17% higher than in 2014. The staff costs were set at EUR 84.9 million, EUR 66.1 million of which represent salary expenses. The company forecasted 4,820 employees by year-end. The average salary in Transgaz amounts to EUR 1,080. Transgaz should end 2015 with a net profit of EUR 84.2 million, according to estimates, down from EUR 113 million in 2014. Transgaz’ shares are trading on the Bucharest Stock Exchange (BVB) with the ticker TGN. The company has a market capitalization of EUR 730 million. Romanian gas transporter pays an 8% dividend yield editor@romania-insider.com