Transgaz profit increased by 5% in Q1

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Transgaz’s net profit increased by 5% in the first quarter (Q1) of this year, reaching 201.8 million lei, the reduction of revenues from international transport following the suspension of Russian gas transit on the Trans-Balkan Corridor by 56.7 million lei being offset by an increase of the revenues obtained from the reservation of capacity for internal transport by 125.5 million lei.

However, having signed with Gazprom a “ship or pay” type contract on the third line of the Isaccea-Negru Vodă pipeline until 2022, Transgaz reported revenues of 29.5 million lei from the international transport activity, decreasing by about two thirds compared to those of the same period last year (of 86.2 million lei), writes Profit.ro.

Revenues from domestic transport increased by a quarter or almost 100 million lei, from 374 million lei in the first three months of last year, to 474 million lei.

The expenses for investments made on March 31, 2020 were of 391.8 million lei. During the analyzed period, investments amounting to 379.5 million lei were put into operation.

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