February 15 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said on Thursday its net profit edged up 1% year-on-year in 2017, reaching 602.2 million lei ($160 million/130 million euro).
Operating revenues fell 4% to 1.75 billion lei, while operating costs decreased by an annual 5% to 1.07 billion lei, Transgaz said in a financial report citing preliminary figures.
Transgaz's debts amounted to 1.525 billion lei as at end-December 2017, up by 0.54% from 1.516 billion lei at the end of 2016.
On February 9, Transgaz signed a memorandum of understanding with Slovakia's Eustream on the Eastring project for linking the gas transmission systems of the two countries.
At the beginning of the week, Transgaz said it plans to invest 1.62 billion euro ($2 billion) in various projects in the next ten years.
In January, Transgaz's shareholders endorsed a proposal to join forces with Spain's Regasificadora del Noroeste in order to take part in the second stage of a process for the procurement of a 66% stake in Greek gas transport operator DESFA.
Transgaz shares traded 0.75% higher at 405 lei on the Bucharest stock exchange by 1223 CET on Thursday.
(1 euro=4.6598 lei)