Transgaz, a net profit 24 pct higher than estimated for the last year and a 2 pct advance over 2012

The Romania’s Transmission System Operator for Gas, Transgaz posts a net profit of around 337 million lei for 2013, 2 percent higher compared with 2012 and 24 percent more than the target established by the company’s 2013 budget.

According to its preliminary financial report for the previous year, the company’s revenues registered a growth of 10 percent, likewise the operating expenses. Higher revenues (137 million lei) have been recorded mostly because the capacity reservation fee increased, bringing some 253 million lei to Transgaz, and thus compensating the negative results registered due to the smaller volume of gas transported and reduced revenues from international gas transport, among other factors.

Total expenses have grown in 2013 by 10 percent up to 1.13 billion lei, despite that the operating expenses have slightly decreased. This situation is mainly due to higher financial expenses resulted from provisions worth some 110 million lei for the devaluation of financial assets which represent the company’s contribution to the capital of Nabucco Gas Pipeline International GmbH following the failure with Nabucco Vest project.

Transgaz is one of the most valuable Romanian companies, controlled by the Government, and listed on the Bucharest Stock Exchange since January 2008. The company which was included in the portfolio of the Ministry of Public Finance has been recently transferred under the control of the Secretary General of the Government together with Transelectrica, its corresponding system operator in the electricity field.