Romanian natural gas producer Romgaz [BSE:SNG] said
on Friday that its first-half net profit fell 17.9% year-on-year to
800.8 million lei ($195 million/166 million euro).
Revenues from natural gas sales fell by an annual 28.7%, while revenues from underground gas storage operations rose by 46%. The revenue from electricity sales revenue increasd by an annual 15% in the January-June period of 2020.
During the first half of 2020, Romgaz produced 2.2 billion cu m of natural gas, down 16.8% on the year, whereas electricity production soared 72% to 295.23 GWh.
Depreciation, amortization and impairment expenses decreased by an annual 25% to 271 million lei in the first half of 2020, due to lower expenses from impairment of fixed assets and exploration assets. Other expenses fell by an annual 34.1% to 569 million lei, due to a drop in petroleum royalty and windfall tax.
During the first half of 2020, Romgaz invested 316.8 million lei, representing 58% of total investment planned for the year.
The net profit of Romgaz rose 4.55% to 1.43 billion lei in 2019.
The majority shareholder of Romgaz is the Romanian state with a 70% stake, with the balance of 30% in free float on the BVB.
Romgaz employed 6,208 at end-June.
Shares in Romgaz traded flat at 28.6 lei lei by 1441 CET on Friday on the BVB.
(SeeNews, August 14, 2020)
