May 19 (SeeNews) - Bulgarian state-owned gas transmission system operator Bulgartransgaz said that its net profit more than doubled to 104.7 million levs ($58.7 million/53.5 million euro) in 2019 from 47.1 million levs in 2018.
The company's operating expenses dropped to 253.7 million levs last year from 329.3 million levs in 2018, Bulgartransgaz said in an annual financial statement.
Bulgartransgaz's operating revenue fell to 358 million levs in 2019 from 372.8 million levs the year before. However, revenue from gas transit to the borders with Greece, Turkey and North Macedonia grew to 224.7 million levs from 202.9 million levs.
Earlier this year, Bulgartransgaz agreed to acquire 20% interest in Gastrade - the company developing the floating liquefied natural gas (LNG) terminal off Greece's northern coastal city of Alexandroupolis. Bulgartransgaz will acquire the shareholding interest by financing 20% of the cost of construction of the LNG terminal.
The company is also working on the construction of a leg of TurkStream gas pipeline through the country, which is expected to increase its revenue by some 400 million levs, according to a comments from the company's CEO earlier this year.
(1 euro = 1.95583 levs)