Romanian gas producer Romgaz sees 16% lower profit on lower internal gas demand

Romanian state-owned gas producer Romgaz Medias (BVB ticker: SNG) reduced its net profit by 16% in 2015 compared to the previous year, to EUR 266 million. The company’s turnover went down by almost 10%, to EUR 912 million, due to lower internal gas demand, according to the preliminary report published on Monday, February 15. Romgaz delivered 5.12 billion cubic meters (bcm) of natural gas in 2015, 10% less than in 2014. Most of the gas came from the domestic production. The company only delivered 3 million cubic meters on imported gas last year, down from 81 million cubic meters in 2014 and 319 million cubic meters in 2013. Romgaz produced 5.56 bcm of natural gas in 2015, down by 1.8% compared to 2014. As the demand for gas was lower, the company injected more gas in underground gas deposits. Romgaz’ shares lost almost a third of their value (31%) in the last 12 months. The company had a market capitalization of EUR 2 billion (as of February 15, 2016). Romanian Romgaz gives up operations in Poland after EUR 4.7 mln spent editor@romania-insider.com