Feb. 18--BUCHAREST -- Romania'sTransgaz national natural gas transmission operator has reported a preliminary 2013 net profit of RON 336.861 million (some 75.4 million euros), up 2 per cent from 2012's RON 329.3 million, according to financial reports submitted on Monday to the Bucharest Stock Exchange (BVB).
The company's total revenue advanced 10 per cent in 2013, to RON 1.55 billion, while expenses increased also by 10 per cent, to RON 1.129 billion. Its gross profit totalled RON 427.8 million, up 9 per cent from 2012.
Transgaz representatives say the rise in revenues was mainly the result of a higher capacity reserve fee than in the year before, while drops were recorded in revenue from international natural gas transit because of higher exchange rates of the euro and the US dollar against the local currency, the leu (RON), than in 2012.
The 10-per cent rise in 2013 expenses was mainly the result of the establishment of a monopoly tax on electricity and natural gas as well as of savings from gas acquisition for technical consumption.
Spending exceeded RON 114.8 million in 2013 because of provisions for financial asset depreciation representing Transgaz' contribution to the share capital of the Nabucco Gas Pipeline International as a result of the Nabucco West project having been discarded as a route for natural gas transmission.
The 2013 financial reports of Transgaz are unaudited yet and they were drawn up in line with the International Financial Reporting Standards (IFRS).
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