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Transgaz sees profit down 6 percent in 2007

Transgaz Medias natural gas transporter's net profit decreased 5.77 percent in 2007, down to 224.34 million lei, on the background of expense increase with 14.15 percent (794.46 million lei), while revenues (1.064 billion lei) advanced only 8.34 percent, the company informs in a release.

The lower profit was influenced by the delayed application of the new tariffs for transport, from July 1 to October 1. Transgaz' initial public offering, the largest in Bucharest Stock Exchange's history, was oversubscribed 28 times, attracting 6.3 billion lei from the capital market. The major investors oversubscribed almost 39 times the number of shares offered within the ‘large tranche', of placements with an individual value of over 500,000 lei, and smaller investors oversubscribed 11.4 times the number of shares offered within ‘the small tranche', in the 2,112.12 lei (the equivalent of 11 shares) to 500,000 lei range. The Bucharest Stock Exchange started trading as of December 19 allocation rights for Transgaz' shares. The allocation rights - a premiere for the Romanian stock exchange - are financial instruments that make it possible to shorten the time from the closure of a public offering to the beginning of trading on the stock exchange from two months to only seven business days. Transgaz was set to obtain 60 million euros in the largest public offer of shares on the domestic market, held over November 26-December 7. The company offered 1.177 million shares for 191.92 lei/share, the total value amounting to 225.96 million lei. Transgaz operates the national transport system, based on a leasing agreement until 2032 and has a transport capacity of 40 billion cubic metres of gas annually. Sursa: http://www.rompress.ro

Tags: shares million percent profit transgaz