Romgaz 1Q Net Profit Rises 46.7% On Year To RON299M

05.09.2011 By Florentina Dragu

Romanian natural gas producer Romgaz Medias on Monday said its first quarter net profit rose 46.7% on the year to 298.7 million lei (EUR72.8 million), despite a 9% drop in sales.

Romgaz reported a turnover of RON1.18 billion (EUR289 million), up 3.8% from RON1.14 billion in the first quarter of 2010.

Natural gas output stood at 1.51 billion cubic meters in January to March, down 3.8% on the year.

The company said total investments reached RON129 million (EUR31.4 million) in the first quarter, down from RON189.6 million in the year-earlier period.

Romgaz estimates its full-year net profit will rise to RON649.5 million (EUR158.2 million), from RON508.5 million in 2010.

The company is majority owned by the Romanian Economy Ministry, with an 85.01% stake. The ministry plans to sell 15% of its stake on the Bucharest bourse this year. (EUR1=RON4.1039)