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Transgaz closes Q1, 2014 on a net profit of nearly RON 249 million, up 37 pct

Transgaz Medias national gas transmission corporation has reported a Q1, 2014 gross profit of RON 273.342 million, up 29 per cent from Q 1, 2013, and a net profit of RON 248.803 million, up 37 per cent, according to a press release issued by the Bucharest Stock Exchange (BVB).

Total revenue was also up 15 per cent, or RON 70.357 million, from the first three months of 2013, to RON 526.757 million. The increase in revenue was mainly the result of an increase in tariffs for capacity reservation from the year before.

Revenue from international natural gas transmission dropped by RON 184,000 because of an exchange rate of the local currency, the leu, against the US dollar that was smaller than in the year before.

Total spending advanced 3 per cent, to RON 253.415 million, mainly influenced by new taxes on the natural monopoly on electricity and natural gas as well as on special structures.