Transgaz 1H Net Profit Up 9% To RON321.5M

08.13.2015 By Bogdan Neagu

Romanian natural gas transmission company Transgaz (TGN.RO) Thursday reported a 9% in its net profit for the first half, mostly due to a significant reduction of expenditure.

Transgaz posted net profit of 321.5 million lei (EUR72.4 million) in the first six months, compared to RON294.4 million in the year-earlier period, the state-run company said in its quarterly financial report.

Total revenue stood at RON865.6 million, slightly down from RON870.2 million in January-June 2014, but the lower operating costs fueled an increase in profitability. In the first half, operating expenditure stood at RON474.5 million, down 7% on the year, Transgaz said in its report.

During the first six months of the year, almost 6.5 billion cubic meters of natural gas were transported through the 13,266 kilometers of pipelines part of the national transmission system, according to Transgaz data.