Romania: Transgaz posts 30 pct profit drop

Romania’s monopoly gas transport system operator Transgaz had posted a 30 percent lower net profit for the first half of 2018 compared to the same period of 2017 as a result of its 11.5 percent lower revenues and a 3.61 percent increase in expenditures, according to Profit.ro.

The company’s net profit was RON 279 million, while the turnover dropped by 14 percent, from RON 1 billion in H1 2017 to RON 883 million in H1 2018.

The internal gas transport activity decreased by 19 percent to RON 631 million, while international gas transport dropped by 8.5 percent to RON 160 million. Tranzgaz’s exploitation revenues were 16 percent lower than in the first half of 2017, down to RON 823 million.

Transgaz says its total revenues were mainly influenced by the RON 87.3 million drop in revenues obtained from the volumetric component due to the RON 1.1/MWh lower volumetric transport tariff, with a negative impact of RON 8 million, as well as by the lower gas quantity transported compared to H1 2017, which had a negative impact of RON 79.3 million.

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