Transgaz, the national gas pipeline transportation operator, recorded last year a net profit of 487.7 million lei (about 109 million euros), 3% lower than that in 2014, while the company’s expenses amounted to about 1.1 billion lei (245.85 million euros), show the company’s financial results.

Transgaz revenues last year amounted to 1.65 billion lei (368.76 million euros). The operating expenses exceeded the predicted forecast by almost 45 million lei (10.05 million euros) due to provisioning of the doubtful debts of InterAgro and ELCEN.

Late last year, the debts of Interagro SA and Interagro SRL were 82.7 million lei (18.5 million euros), the full amount of the provision. Bucharest ELCEN receivable balance was 79.9 million lei (17.86 million euros), but the provision was 57.1 million lei (12.76 million euros).

The company achieved total savings of 55.7 million lei (12.45 million euros), of which about 9 million lei (about 2 million euros) come from reducing the technological consumption and losses, and 33.5 million of lei (7.49 million euros) of savings on active contracts of works and services.