Romanian state-controlled gas producer Romgaz Medias registered a net profit of RON 615.3 million (EUR 138.2 million) in the first half of 2016, down 20% year-on-year.

Its turnover was RON 1.84 billion (EUR 413 million), 17% lower than the one reported in the first six months of 2015, according to the report the company submitted to the Bucharest Stock Exchange (BVB) on Friday.

Romgaz produced 2,197 million cubic meters of natural gas in January-June, 20.9% (530 million cubic meters) less than in the same period in 2015. The production was lower mainly due to the lower consumption determined by the mild winter, and the decrease of demand in the key sectors - caused by the international price drop and the strong competition in the electricity generation sector.

The company had 6,282 employees at the end of June this year, down from 6,332 at the end of June 2015.

The Romanian state is Romgaz’s majority shareholder, holding a stake of 70%. The company's shares are traded on the Bucharest Stock Exchange (BVB). Romgaz is also listed on the London Stock Exchange via global depository receipts (GDRs). The company has a market capitalization of close to EUR 2 billion, as of August 12, after its shares lost a third of their value in the past 12 months.

Romanian gas producer Romgaz increases storage capacity after EUR 54 mln investment

Irina Popescu, irina.popescu@romania-insider.com