Net profit of Transgaz, state-owned operator of the gas transmission system, dropped by 11 percent to almost RON 173.5 (EUR 40 million) in the first quarter of this year, while the turnover fell by 0.4 percent to RON 455.6 million (EUR 104 million) in Q1.
Total revenue lost 0.5 percent y/y to RON 472.2 million (EUR 107.8 million), while expenses climbed by 7.3 percent to EUR 53.9 million on Q1. The operator’s debt fell by 56.9 percent to RON 396.6 million (EUR 90.5 million).
The Ministry of Economy is the largest shareholder in Transgaz with a 73.5 percent stake, while the Property Fund has 14.9 percent of the shares. The ministry plans to sell a 15 percent stake in Transgaz this year through a secondary public offering (SPO) on the Bucharest Stock Exchange (BSE).
The intermediary consortium comprises of brokerages Raiffeisen Capital & Investment, Wood & Company and BT Securities. The SPO should be carried out this June, although it was initially planned for April.
Transgaz shares lost 1.03 percent to RON 192 on late Tuesday trading. In the year to date, shares have fallen by 13 percent.