Romanian state-controlled gas producer Romgaz Medias posted a net profit of RON 489 million (EUR 109 million) in the first quarter of this year, 13% lower compared to the same period of 2015.

The turnover was RON 1.36 billion (EUR 303 million), similar to that in the first three months of last year.

“Compared to the same period of last year, the company’s performances have been affected mainly by the 4.36% drop in the domestic gas demand, which reflected into a 2.5% decline for Romgaz’ deliveries,” the company said in a press release.

The company’s gas production also declined by 4.3% compared to the first quarter of 2015. However, Romgaz produced and delivered more electricity with its gas-fired power plant CET Iernut, doubling its market share on the electricity market to almost 2%.

editor@romania-insider.com