Eustream's Net Profit Down by 87 percent over Five Months
Profit of semi-state-owned gas carrier Eustream fell over a five-month period to stand at €17 million as of December 31, 2022, compared to the €131 million seen in the same period of 2021, Eustream board member Miroslav Bodnar said on Tuesday.
Bratislava, January 24 (TASR) - The net profit of semi-state-owned gas carrier Eustream fell over a five-month period to stand at €17 million as of December 31, 2022, compared to the €131 million seen in the same period of 2021, Eustream board member Miroslav Bodnar told a news conference on Tuesday.
If Parliament breaks President Zuzana Caputova's veto and approves the law on a special construction tax, the company would end this period €38 million in the red.
Bodnar cited reduction of gas transport from Russia as the reason behind the significant profit drop. "The company currently transports some 32 million cubic metres of gas on a daily basis," he said. If the situation with deliveries continues, it would annually transport some 17 billion cubic metres annually. In 2019 eustream transported 69 billion cubic metres of gas, while it was 26 billion cubic metres last year.
Eustream disagrees with the introduction of the special construction tax, approved by Parliament at the end of the year and subsequently vetoed by the president. The company should annually pay €171 million to the state budget in property tax from the gas pipeline network. Eustream pointed out that it has bonds amounting to €1 billion issued on international stock markets and the company would like to refinance them as much as possible. However, the tax will make access to refinancing harder for it. The company views the new law as contradicting to the principles of just and proportional taxation.
