Romanian state-run natural gas pipeline operator Transgaz Medias
(TGN.RO) Tuesday said its net profit fell 17.6% on the year to 210.3 million
lei ($57.1 million) in the first half, due to higher costs, news agency
Mediafax reports.
In January through June last year, Transgaz posted a net profit of RON255.2
million.
Transgaz said total expenditure increased 10.5% on the year to RON507.3 million
in the first half, while overall revenues inched up 0.4% to RON767 million.
Gas transport fell by 1.61 million megawatt hours to 72.16 million MWh in the
first half, Transgaz said.
The company reported sales of RON718.2 million in January through June, up 0.8%
from RON712.6 million in the same period a year ago.
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.
The ministry plans to run a secondary offering for a 15% stake by the end of
October.
Monday,
Transgaz closed up 0.94% at RON197.85 a share.