NET4GAS, bought by the Czech state last year, posted a CZK 1.7 billion loss

NET4GAS, bought by the state-owned company ČEPS late last year, posted a loss of CZK 1.7 billion last year. The year before, the company recorded a profit of more than CZK 6.2 billion. The company’s revenue also fell sharply last year, dropping by more than 76 percent year on year to CZK 3 billion. This is according to NET4GAS’s annual report. The main reason for the decline, according to Ekonomický deník, was the loss of Russian gas supplies to Central Europe via Germany.

NET4GAS operates 4,000 kilometres of gas pipelines, five compressor stations and around 100 transfer stations, including three on the borders. The state-owned company ČEPS bought the firm late last year. It will pay a maximum of CZK 5 billion for the indebted company, although the final sum will depend on the company’s performance and whether it meets the agreed economic targets.