Fluxys Belgium sees decline in net profits

Oil&Gas Materials 29 March 2019 10:11 (UTC +04:00)

Baku, Azerbaijan, March 29

By Leman Zeynalova – Trend:

The Fluxys Belgium group generated turnover of 503.2 million euros in 2018, slightly down compared to the €510.5 million earned during the same period in 2017, Trend reports citing the company.

Reportedly, in accordance with regulatory principles, this fall in regulated turnover is mainly due to the decline in operating costs, financing costs and taxes, partially offset by an increase in the allowed regulated return.

“The persistently low interest rates are affecting the Group's net result. The majority of the activities of the Fluxys Belgium group are regulated,” reads a message from Fluxys Belgium.

In 2018, net profits totalled 54.5 million euros, down 15.8 million euros compared to 2017 (70.3 million euros), according to the company.

“However, the net profits in 2017 were exceptionally high due to a one-off impact on deferred taxes booked in the past totalling 16.2 million euros as a result of the Belgian corporate tax reform.”

Fluxys holds 19 percent share in the Trans Adriatic Pipeline (TAP) project, which envisages transportation of Azerbaijani gas to Europe.


Follow the author on Twitter: @Lyaman_Zeyn