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Transgaz: Consolidated net profit down 60% in H1

18 August 2023

Transgaz posted a consolidated net profit down 60% in the first half of this year, to 70.8 million lei, from 177.3 million lei in the first six months of last year, according to the financial results submitted to the Bucharest Stock Exchange.

Revenues from operating activity, before balancing and construction activity, amounted to 761 million lei, up 8% compared to the period January – June 2022, and operating expenses before balancing and construction activity they totaled 728.2 million lei, after an 8% advance.

At the individual level, Transgaz obtained a net profit of 78.8 million lei, down 58% in the first half of this year.

“The operating result on June 30, 2023 registered an increase of 8% compared to that achieved on June 30, 2022. The income from the exploitation activity before the balancing and construction activity in accordance with IFRIC12 are higher than those achieved on 30 June 2022 with 53,218 thousand lei. Revenues from the balancing activity registered a decrease of 277,410 thousand lei due to the following factors: lower transaction price by 219.14 lei/MWh, with a negative influence of 208,999 thousand lei; smaller quantity with 138,208 MWh with a negative influence of 68,410 thousand lei. Revenues from construction activity lower by 69,062 thousand lei, recorded in accordance with IFRIC 12, according to which the revenues and costs related to the construction or improvement of the transport network, in exchange for which register the intangible asset, they must be recognized in accordance with IAS 11,” the company mentions in the report sent to BVB, according to Agerpres.

Operating expenses before balancing and construction activity according to IFRIC12 increased by 8% compared to June 30, 2022, their level being 50.3 million lei higher.

The total amount of gas transported was 6.36 billion cubic meters (minus 1.68%).

Investment expenses were reduced by 60%, to 44.65 million lei, from 110.97 million lei.

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