August 14 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said on Tuesday its first-half net profit fell by 30% on the year to 279.6 million lei ($68 million/60 million euro), due to a drop in transmission tariffs and gas volumes.
Operating revenues fell 16% on the year to 824 million lei in the first half of 2018, mainly because of the lower revenues from the commodity charge, capacity booking and international gas transmission, Transgaz said in an unaudited second-quarter report.
Operating costs before the balancing and the construction activity were 3% lower at 506 million lei in the first half of 2018, as the company registered savings mainly on account of royalty expenses, other material costs and other operating expenses. Expense overruns were registered in the following categories of costs: consumption and technological gas loss, maintenance and transmission, personnel, taxes and other amounts due to the state and depreciation, Transgaz said.
Transgaz's net profit edged up 1.0% year-on-year in 2017, reaching 602.2 million lei.
In April, a consortium composed of Transgaz, Regasificadora del Noroeste and Reganosa Asset Investments lost a tender for the sale of 66% of Greek gas transmission system operator DESFA.
Also in April, Transgaz signed a contract for the acquisition of its state-owned Moldovan peer Vestmoldtransgaz for 180.2 million Moldovan lei ($10.9 million/8.8 million euro).
Transgaz shares traded 2.21% lower at 332.5 lei on the Bucharest Stock Exchange as at 1426 CET on Tuesday.
(1 euro=4.6590 lei)