In 2011, Transgaz posted net profit of RON384.3 million.
In its preliminary financial report, Transgaz said its sales inched down 0.6% to RON1.328 billion (EUR298 million) last year.
The company’s total revenues decreased 2.6% last year to RON1.42 billion, from RON1.457 billion in 2011, while overall expenses rose 3.15% to RON1.027 billion, from about RON996 million.
Transgaz said the results were hurt by a decrease in the transported gas volumes, while the cost increase was mainly due to booking a provision for “employee benefits, expenses with auxiliar materials and amortization.”
The company’s financial results for 2012 are preliminary and are calculated according to the International Financial Reporting Standards (IFRS).
Transgaz has a share capital of RON117.7 million split into 11.7 million shares with a face value of RON10 a share. The Economy Ministry owns a 73.5% stake, investment fund Fondul Proprietatea has almost 15% of its shares and the rest is distributed among minority shareholders.
The ministry plans to run a secondary offering for a 15% stake in the company this year.
On the Bucharest bourse Tuesday, Transgaz traded up 0.1%, at RON206.2 a share. (EUR1=RON4.3816)