Romanian state-owned gas transport company Transgaz Medias (BVB ticker: TGN) increased its net profit by 131% in the first nine months of 2014 compared to the same period of last year, to EUR 84.4 million.

The company’s turnover increased by 15%, to EUR 272 million, due to higher gas transport fees. The operational profit was up by 27%, to EUR 98 million.

The high increase in net profit was determined by a EUR 25 million write-off Transgaz registered in 2013 to cover for its loss due to the failure of the Nabucco pipeline project. This one-off cost affected the company’s bottom line last year.

Transgaz is listed on the Bucharest Stock Exchange and has a market capitalization of EUR 633 million, as of November 12, 2014. The state holds 58.5% of the company’s shares.

Transgaz shares returned 35% in the last 12 months, including dividends from last year’s profit.

Andrei Chirileasa, andrei@romania-insider.com