Transgaz net profit gained 4 percent y/y to RON 392 mln in 2011 on increased gas transportation operations

Net profit of Romanian gas transmission company Transgaz has improved by 4 percent y/y to RON 392 million in 2011 on Romanian accounting standards as the quantity of natural gas transported increased by about 5 million MWh. Increased revenue from fines and penalties, together with interest and exchange rate gains, contributed to this growth. Turnover increased by 2.6 percent y/y to RON 1.3 billion.

Operational revenue gained 6.5 percent y/y to RON 1.4 billion, while expenses were up 7 percent y/y to RON 991 million, due to increased personnel expenses and gas losses of 93,432 MW, accounting for consumption and technical losses.

Transgaz shares listed on the Bucharest Stock Exchange gained 3 percent today on this announcement.

Ovidiu Posirca