Romanian Gas Pipeline Operator Transgaz Net Profit Jumps 52% in 2014

Romanian gas transmission company Transgaz [BSE:TGN] said on Friday its net profit rose 52% on the year to a preliminary 507.4 million lei($130.8million/114.4million euro) in2014,as revenue grew and expenditures fell.

Total income grew 9% on the year,mainly due to anincreaseinthecapacity booking tariff, while costs fell 4%, Transgaz said in its preliminary financial report for 2014.

Commenting on the figures, Raiffeisen Bank said in a note to investors it rates the news as positive, sincethe results were above estimates. "It is a positive surprise, especially the low grid losses costs."

The bank also said it will keep its 'buy' rating on Transgaz.

Source: SeeNews