Transgaz profit up 37 percent in Q1 2014

Newsroom 22/05/2014 | 16:30

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, according to a press release issued by the Bucharest Stock Exchange (BVB).

Total revenue was also up 15 percent, or RON 70.357 million, from the first three months of 2013, to RON 526.757 million. The increase in revenue was mainly the result of an increase in tariffs for capacity reservation from the year before.

Revenue from international natural gas transmission dropped by RON 184,000 because of an exchange rate of the local currency, the leu, against the US dollar that was smaller than in the year before.

Total spending increase 3 percent, to RON 253.415 million, mainly influenced by new taxes on the natural monopoly on electricity and natural gas as well as on special structures.

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