Romania's state-owned gas pipeline operator Transgaz (TGN.RO) forecasts a 309.5 million lei ($90.6 million) net profit in 2009, 17.38% higher than the anticipated result for 2008 of RON263.7 million, news agency Mediafax reports, citing the company's budget sent to the Bucharest Stock Exchange.
In 2009, Transgaz expects total revenues of RON1.41 billion, up 16% on the year, while its expenses are estimated at RON1.05 billion, 15.51% higher than in 2008.
The hike in revenues will be mainly fueled by the 17.76% increase in operating revenues to RON1.4 billion, while financial revenues are seen 62.25% lower on the year, at RON9.4 million.
Transgaz predicts its operating expenses will rise by 15.54% on the year to RON1.03 billion, while its financial expenses are also seen higher than in 2008, due mainly to a 23.45% hike in interest costs.
The company plans to invest RON396.6 million in 2009, 24.26% more than in the previous year.
Transgaz intends to keep its staff at 5,130 employees, but the salary fund is seen 11% higher on the year in 2009, due to an estimated 10.71% increase in the monthly average net salary, to RON2,869.
Transgaz was listed on the Bucharest Stock Exchange at the beginning of 2008. It has a share capital of RON117.7 million, split up in 11.7 million shares with a RON10 face value.
The Economy Ministry owns 73.52% of the company's shares, Fondul Proprietatea has almost 15% of its shares, while the rest is being distributed among minority shareholders.
On the Bucharest Stock Exchange Tuesday, at around 0925 GMT, Transgaz shares were traded at RON98.1 a unit, down 4.76% on the day. Thus, the company's market value stands at about RON1.2 billion.
Transgaz is expected to announce later Tuesday its preliminary financial results for 2008.