May 17 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said on Monday its first quarter net profit fell 13% on the year to 172.5 million lei ($43.4 million/38.4 million euro).
Operating revenues rose 4% on the year to 482.3 million lei, mainly due to the higher revenue from the balancing activity and from the international transmission services based on the foreign exchange rates, Transgaz said in its unaudited first-quarter report.
The operating costs increased by an annual 20% to 276.8 million lei, due to higher gas transmission system technological consumption and loss costs, balancing activity costs and costs for the adjustments for the current assets depreciation.
In January, the European Commission said it will grant Transgaz 179 million euro ($202.5 million) in support of the development of an inter-connector linking the gas networks of Bulgaria, Romania, Hungary and Austria.
(1 euro=4.4864 lei)