Transgaz Media[ (TGN), the natural gas transmission monopoly inRomania, has budgeted net income worth 113.9m RON (around 26.7meuros) for this year, down 62% from the net income estimated forlast year, of 306.6m RON (71.9m euros), according to the budgetdraft due to be submitted to shareholders' approval in March.
There was a prompt reaction on the Bourse: Transgaz sharesyesterday lost 2.1%, and the analysts of major brokerages startedreviewing their projections on the shares, which until last yearwere a top favourite.
"The company has proven conservative in its estimates so far, butwe see this budget as a strong negative signal regardingexpectations for 2011, particularly on amounts transmitted andcharges. We will revise our estimates and the hold recommendation,"announced Raiffeisen Capital&Investment analysts in areport.
They also say that though the company has not provided details onwhat the budget is based on, Transgaz is likely to expect fallingquantities of transmitted natural gas, after the state in November2010 suspended the incentive of allowing chemical industryproducers to use only domestic production gas, which ischeaper.
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