Romanian gas producer Romgaz records lower turnover

The operating income of natural gas producer Romgaz Medias dropped by 5.5% in the first quarter of the year compared to the same period last year. Its revenues reached EUR 287 million. The decline was due to the decreasing demand for gas, especially in the production of chemical fertilizers. Meanwhile, Romgaz’ turnover dropped by 6% to EUR 305 million, compared to EUR 325 million in the first quarter of 2014, while its net profit went down by 7.3% to EUR 126 million. The production and sale of natural gas also decreased in the first three months, while electricity production dropped by almost 70%. Romgaz posted last year a profit of EUR 322 million, up 44% compared to 2013. Its sales amounted to EUR 1.01 billion, up 15.3% over 2013. The Romanian state controls Romgaz, with a 70% stake. editor@romania-insider.com