Transgaz 1H net profit surges to RON 294.4 million, more than double year on year

Romanian state-run natural gas pipeline operator Transgaz Medias Wednesday said its net profit more than doubled to 294.36 million lei (roughly EUR66.4 million) in the first half, helped by higher revenue from transport services and lower costs.

Transgaz said it recorded a net profit of 135 million lei in the same period of 2013.

Revenues are up 14 percent in the first six months of the year, from RON 766.7 million last year to RON 873 million (EUR 195.5 million). Internal transport yielded double the profit compared to the same period last year.

Total expenses dropped 12 percent in the first semester, down to RON 514.38 million from RON 585.3 million.

Transgaz shares on the Bucharest Stock Exchange closed 0.72 percent up on the day at 211 lei.

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Transgaz Medias national gas transmission corporation has reported a gross profit of RON 273.342 million at the end of Q1 2014, up 29 percent from Q 1, 2013, and a net profit of RON 248.803 million, up 37 percent.