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Romania's Romgaz Q1 net profit rises 16% y/y

Romania's Romgaz Q1 net profit rises 16% y/y Author: Romgaz. License: All rights reserved.

BUCHAREST (Romania), May 15 (SeeNews) - Romanian natural gas producer Romgaz [BSE:SNG] said on Wednesday that its first quarter net profit rose 16.3% year-on-year to 541.9 million lei ($128 million/114 million euro).

Romgaz' revenue increased 15.57% to 1.71 billion lei in January-March, as compared to the like period of 2018, the company said in a statement filed with the Bucharest Stock Exchange, BVB.

The increase derives from 13.3% higher income from natural gas sales which offset a 16.86% drop in the income from electricity sales and a 28.28% decrease in the income from underground gas storage activity.

Operating expenses plummeted by 81% on the year to 10.8 million lei in the first quarter, due to a reduced amount of seismic survey expenses.

Natural gas consumption in Romania totalled 48.5 TWh in the first quarter, down 3% on the year. Natural gas production increased by 4.8% to 1,430.0 million cubic metres.

The net profit of Romgaz fell 22% to 1.43 billion lei in 2018, as royalties and taxes increased.

The majority shareholder of Romgaz is the Romanian state with a 70% stake, with the balance of 30% in free float on the BVB.

Shares in Romgaz traded 0.59% higher at 34 lei lei by 1515 CET on Wednesday on the BVB.

(1 euro=4.7615 Romanian lei)