Transgaz and Transelectrica, on profit last year

Romania’s Transgaz national natural gas transmission operator has reported a preliminary 2013 net profit of RON 336.861 M (some EUR 75.4 M), up 2 per cent from 2012’s RON 329.3 M, according to financial reports submitted to the Bucharest Stock Exchange (BVB). The company’s total revenue advanced 10 per cent in 2013, to RON 1.55 billion, while expenses increased also by 10 per cent, to RON 1.129 billion. Its gross profit totalled RON 427.8 M, up 9 per cent from 2012. Transgaz representatives say the rise in revenues was mainly the result of a higher capacity reserve fee than in the year before, while drops were recorded in revenue from international natural gas transit because of higher exchange rates of the euro and the US dollar against the local currency, the leu (RON), than in 2012. Spending exceeded RON 114.8 M in 2013 because of provisions for financial asset depreciation representing Transgaz’ contribution to the share capital of the Nabucco Gas Pipeline International as a result of the Nabucco West project having been discarded as a route for natural gas transmission.
In its turn, Transelectrica ended 2013 on a net profit worth RON 162.29 M (about EUR 36 M), up almost five times from 2012, when it reported a RON 34.48 M profit, according to preliminary financial reports submitted to BVB. The earnings before interest and taxes (EBIT) stood at RON 207.8 M, 2.5 times higher than those recorded in 2012. The total earnings obtained in 2013 registered a 11 per cent decline from the previous year, to RON 2.46 billion.

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