AT THE END OF Q3 2010, "Transgaz" sees its profit increase 50%

National natural gas carrier "Transgaz" SA reported a net profit of 284.2 million lei at the end of the first nine months of 2010, up 50% over last year"s similar period (189.3 million lei). According to the report published yesterday by the company, the total revenues during the reviewed period amounted to 968.8 million lei, up 12%, and the total expenses stood at 631.6 million lei, down almost 2% compared to the first nine months of 2009.

In the report, the management of "Transgaz" states that the company owes 332.3 million lei to the state budget, after the first nine months of the year. Out of that amount, 188 million will be used to pay out dividends to the majority shareholder (the Ministry of the Economy), 91.2 million lei represent the oil royalties, 53 million lei - the profit tax. The net profit carried forward, of 28.4 million lei will be used mostly for the development of the national gas transport system.

The total revenues were affected by the adjustment of the regulated income (a positive influence of 57.9 million lei), as well as the amount of gas carried, which in the first nine months of 2010, saw an increase of 6.49 million MWh, with a positive influence of 45.3 million lei. The revenues from the activity of the international transit of gas saw an increase of 6.1 million lei due to the rise of the average exchange rate compared to the average exchange rate of the first nine months of 2009.

The total investment expenses made by "Transgaz" in the first nine months of 2010 amounted to 322.57 million lei, of which 100.1 million lei represent installations for joining the transport network, and 53.6 million lei represent loan repayments. Compared to the first three quarters of 2009, this year, investments dropped almost 5%. At the end of September 2010, "Transgaz" had invested 266 million lei.

In the first nine months of 2009, the company reported an increase in staff expenses, (16 million lei), royalty expenses (10.9 million lei) and in the amortization of fixed assets (6.8 million lei).