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Transgaz 3Q 2010 results

The natural gas transporter Transgaz (TGN) reported its 3Q 2010 results under RAS, which came in better than we expected but in line with consensus.

Revenues reached RON 225.2 mn, up 3% on our estimates, mainly from 4% higher than forecast quantities transported. Thus 3Q quantities transported reached 1.77 bcm, up from our estimate of 1.72 bcm and 6% lower yoy. Grid losses stood 12% lower than expected, but their positive evolution was counteracted by 10% higher than anticipated salaries expenses and 17% higher third parties (incl. mainly maintenance) costs. The company recorded additional gains from cashing in written off receivables of RON 14 mn, which brought the EBIT to RON 23.7 mn, 2x higher than estimated. The company recorded financial losses, mainly from FX, and the net profit reached RON 18.8 mn, 64% higher than expected.

In our view, higher revenues were offset by higher maintenance and salaries costs, leaving the upside mainly from one-off gains (reversal of written of receivables). Therefore we view the news as neutral, and keep our 'hold' recommendation. We will however review our RON 260 target price to account for the released results.

Over 1-3Q 2010 Transgaz recorded revenues of RON 915.7mn, up 14% yoy and a net profit of RON 284.2 mn, up 50% yoy.

Sursa: http://www.rciro.ro

Tags: higher results transgaz

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