Romgaz's first-quarter revenues up 22%

The natural gas supplier Romgaz said its revenues for the first quarter 2010 rose 22% year-on-year to 1.162 billion lei, while net profit dropped 2.3% to 203 million lei.
In the same period of last year, Romgaz reported a turnover of 951.8 million lei, and a net profit of 208.6 million lei.

“The rise in turnover was driven by the large amount of natural gas supplied from the local production compared to the same period of last year. The 2.3% decline in net profit is attributed to the higher non-deductible expenses”, the company said.

Romgaz reported 21,257,109 MWh natural gas supplied in the period, up 17% from 18,141,917 MWh in year-ago quarter.

Romgaz and OMV Petrom secure around two thirds of the annual natural gas production of Romania. The majority shareholder of the company is the Ministry of Economy with 85.01% interest, while Fondul Proprietatea holds 14.99%.

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