Romanian natural gas transmission company Transgaz (TGN.RO) Wednesday
posted a net profit of 159.5 million lei (EUR48 million) for the first nine
months, down 37.3% on the year, as an increase in financial costs exceeded
revenue growth, news agency Mediafax reported.
Transgaz said total expenditure increased 16.4% on the year to RON824.4 million
in the first nine months, largely due to a one-time charge of RON110.67 million
in relation to the failed Nabucco West pipeline project, in which the company
is a minority shareholder. State-run Transgaz also had to pay higher taxes, due
to a monopoly tax introduced by the Romanian government earlier in the year for
electricity and natural gas transmission companies.
Overall revenue rose 5.25% on the year to RON1.07 billion in the period, fueled
by an increase in reservation tariffs, Transgaz said.
Gas transport fell by 7.74 million megawatt hours to around 82.55 million MWh
in the first nine months, the company said.
Transgaz was listed on the Bucharest Stock Exchange at the beginning of 2008. The
Economy Ministry owns a 58.51% stake, investment fund Fondul Proprietatea has
almost 15% of its shares and the rest is distributed among minority
shareholders.
Tuesday,
Transgaz closed down 1% at RON190 a share.