Transgaz 1Q Net Profit +3% On Year At RON195M

05.13.2011 By Florentina Dragu

Romanian state-run natural gas pipeline operator Transgaz Medias (TGN.RO) Friday said its net profit rose 3% on the year to 194.9 million lei (EUR46 million) in the first quarter, on higher revenue from transport and gas prices.

In January to March last year, Transgaz posted a net profit of RON189.2 million.

In its financial report, Transgaz said total revenue increased 4% on the year to RON474.6 million in the first quarter, while overall costs were up 5.6% to RON242.2 million.

The revenue boost was fueled mainly by an increase of around 113 million cubic meters of gas transport and higher revenues from currency exchange rates, Transgaz said.

The company's turnover stood at RON457.6 million (EUR108.3 million), up 2.4% from RON446.7 million in the first quarter of 2010.

Transgaz was listed on the Bucharest Stock Exchange at the beginning of 2008. The Economy Ministry owns a 73.5% stake, investment fund Fondul Proprietatea has almost 15% of its shares and the rest is distributed among minority shareholders.

Romanian authorities announced plans to list an additional 15% stake in Bucharest by year-end.

On Thursday, Transgaz closed down 2.42% at RON242 a share. (EUR1=RON4.0997)