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Romania's Transgaz H1 profit drops on lower transmission tariffs, gas volumes

Romania's Transgaz H1 profit drops on lower transmission tariffs, gas volumes Transgaz. Author (Transgaz.ro) License: all rights reserved.

BUCHAREST (Romania), August 14 (SeeNews) - Romanian gas transmission company Transgaz [BSE:TGN] said on Wednesday its first-half net profit fell by 30.2% on the year to 195.5 million lei ($46 million/41 million euro), due to a drop in transmission tariffs and gas volumes.

Turnover rose by 6.3% to 938.8 million lei in the first six months of 2019, Transgaz said in a semi-annual report filed with the Bucharest Stock Exchange, BVB.

Operating revenue before balancing and construction activity decreased by an annual 4% to 775 million lei, mainly because of the lower revenues from domestic transmission activity.

Operating costs before balancing and construction activity increased by 14% on the year to 560 million lei in the first half, 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.

In July, Transgaz said it has completed some 215 km of the 550 km BRUA gas pipeline link to Bulgaria and Hungary and three compressor stations - in Jupa, Podisor and Bibesti.

Transgaz's shares traded 1.53% lower at 353 lei on the Bucharest Stock Exchange as at 1225 CET on Wednesday.

(1 euro=4.7216 lei)

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