Romanian gas producer Romgaz Medias ended the first six months of 2015 with a net profit of RON 766 million (EUR 172.5 million), down 12% compared to the result registered in the same period the previous year (RON 871 million).

The company’s turnover also went down by 11.5% in this period, compared to the first half of 2014, to RON 2.23 billion (EUR 502 million).

“Compared to the same period of the previous year, the company’s performances were mainly influenced by the decrease in natural gas demand on the Romanian market by some 6%,” reads Romgaz’s report.

Its revenues decreased by 12.5% between January and June, to RON 2.24 billion (EUR 504 million), while its costs dropped 12.3%, to RON 1.28 billion (EUR 288 million).

Romgaz produced 2.77 billion cubic meters of natural gas in the first half of 2015, with 89 million cubic meters (3.1%) less than the amount of gas produced in the same period of 2014.

Romgaz is listed on the Bucharest Stock Exchange (BVB) and the London Stock Exchange. The company’s main shareholder is the Romanian state, which holds 70% of its shares. Romanian investment fund Fondul Proprietatea has a 10% stake, and the remaining 20% are held by institutional and individual investors.

Drilling for profits: State-owned Romgaz aims to become the most profitable company in Romania. 

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