English
Turnover of "Transgaz" Mediaş (TGN) rose 2.7 %, last year, to 1.348 billion lei, according to the annual report sent to the Bucharest Stock Exchange.
The net profit rose 4.2%, to 392 million lei, mostly due to the increase in the volume of gas transported.
Total earnings amounted to 1.466 billion lei, up 6.5%, and expenses rose 7.2%, to 991.7 million lei.
The company mentions that the increase in its revenues was caused mostly by the increase in the amount of natural gas that was transported and by the increase of financial revenues from exchange rate differences and interest earned, as well as revenues from interest payments and penalties.
At the same time, expenses increased due to a rise in the costs of some fixed assets, caused by the commissioning of some investments and by the increase of employee expenses, due to the increase in wages to match that in productivity.
Operating expenses also increased due to lower earnings from customers for which provisions were set up, and to the creation of the provisions for the employees' profit sharing program.
Another factor that led to the increase of the expenses was represented by the contraction in the consumption of natural gas and the technological losses compared to the previous year, according to Transgaz.
The Ministry of the Economy owns 73.51% of the shares of TGN, and the Proprietatea Fund owns approximately 15%.
The state will conduct a secondary public offer for the sale of 15% of the shares of Transgaz.
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