24 °C
Bucharest
May 24, 18:43

Romanian gas transporter Transgaz more than doubles profit

Romanian state-owned gas transport company Transgaz Medias (BVB ticker: TGN) increased its net profit by 131% in the first nine months of 2014 compared to the same period of last year, to EUR 84.4 million.

The company’s turnover increased by 15%, to EUR 272 million, due to higher gas transport fees. The operational profit was up by 27%, to EUR 98 million.

The high increase in net profit was determined by a EUR 25 million write-off Transgaz registered in 2013 to cover for its loss due to the failure of the Nabucco pipeline project. This one-off cost affected the company’s bottom line last year.

Transgaz is listed on the Bucharest Stock Exchange and has a market capitalization of EUR 633 million, as of November 12, 2014. The state holds 58.5% of the company’s shares.

Transgaz shares returned 35% in the last 12 months, including dividends from last year’s profit.

Andrei Chirileasa, andrei@romania-insider.com

ri-logo

Want to be up to speed with what's happening in Romania? We'll send your first batch of news for the day directly to your inbox.

Subscribe to our mailing list