Romania's Romgaz Targets Rise in Profit Investments in 2015

Romanian natural gas producer Romgaz,targets anet profit of1.51 billion lei ($378 million/340 million euro)this year, when it plansinvestments worth 1.3 billion lei, the company said on Thursday.

Last year, Romgaz reported a 42% rise in net profit to 1.41 billion lei, while investments rose 28% to nearly 1.1 billion lei.

Operating revenues are projected at 4.59 million lei this year andoperating costs are seen at 2.76 million lei, according toRomgaz's revenue and expenditurebudget for 2015.

Commenting on the projections, Raiffeisen Bank Romania said in a note to investors,"We see a neutral impact from this news, although we were a bit surprised by these estimates, as the company is usually more pessimistic in its budget."

Bluechip Romgaz's shares were trading down 0.23% at 35.32lei by 1418 CET on the Bucharest bourse.

SEE News