Romania: Increased profit at Transgaz in first half of 2020

, SEE Energy News

In the first half of 2020, Transgaz, a natural gas transmission system operator, recorded a net profit in the amount of 48 million euros, which is by 18.6 % more compared to the same period last year.

The company’s operating profit was 12 % higher reaching 49.8 million euros, while operating revenues fell by 2.2 % to 156.8 million euros in the first six months of the year. Operating costs fell by 7.67 % year-on-year to 106.8 million euros. Total revenues fell by 9.3 % reaching 175.8 million euros.

In the first half of the year, Transgaz invested a total of 156 million euros, which is more than double compared to the same period in 2019.

Transgaz recorded a net profit in the amount of 73 million euros in 2019, which is by 29 % lower compared to the previous year, mainly due to lower transmission fees. The company’s operating revenues dropped by 2 % to 327.5 million euros, while operating costs increased by 13 % to 244 million euros in 2019, due to higher gas price for technological consumption, higher staff expenses and higher tax expenses (the introduction of additional 2 % tax for energy-related companies).