Romanian gas pipeline operator Transgaz yesterday posted a 6.5 percent rise in 2008 net profit, missing market forecasts, as gas demand slowed more than expected. The state monopoly posted a net profit of 238.6 million lei ($70 million), compared with an average forecast of 259 million lei in a Reuters poll.
Turnover rose 7.8 percent to 1.1 billion lei. «What influenced our profit in 2008 was the reduction in the levels of natural gas transported compared with 2007 because of lower demand,» Transgaz said in a statement. Many industrial clients, such as ArcelorMittal, temporarily shut plants in the fourth quarter because of falling demand stemming from the global cash squeeze, hurting Transgaz's activity.
Nine-month net profit stood at 179 million lei, up over 4 percent from the same period of 2007.
(KATHIMERINI, 02/18/2009)