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Romania's Transgaz 9-mo profit drops on lower transmission tariffs, gas volumes

Romania's Transgaz 9-mo profit drops on lower transmission tariffs, gas volumes

BUCHAREST (Romania), November 15 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said that its January-September net profit fell by 25% on the year to 224.7 million lei ($52 million/47 million euro), due to a drop in transmission tariffs and gas volumes.

Operating revenue before balancing and construction activity edged down by an annual 1% to 1.085 billion lei, mainly because of the lower revenues from domestic transmission activity, Transgaz said in a nine-month report filed with the Bucharest Stock Exchange, BVB.

Operating costs before balancing and construction activity increased by 11% on the year to 840.9 million lei in the first nine months, as the company registered savings mainly on royalty expenses, maintenance and transport, technological consumption and expenses on risk provisions.

Transgaz's net profit fell 14% on the year to 498.9 million lei in 2018.

At end-October, Transgaz [BSE:TGN] said that it inaugurated the Podisor gas compressor station, part of the first stage of the BRUA gas pipeline project, following a 104.5 million lei investment.

Transgaz shares traded 0.41% higher at 369 lei on the Bucharest Stock Exchange as at 1031 CET on Friday.

(1 euro=4.7669 lei)

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