Romanian gas producer Romgaz ups turnover and profit in the first half

Romanian gas producer Romgaz registered a net profit of RON 870.9 million (over EUR 195 million) in the first six months of 2014, up almost 40 percent year-on-year, according to the company’s report. Its turnover also increased by 32.8 percent to RON 2.52 billion (EUR 565 million). “The turnover increase was mainly influenced, in absolute amount, by the growth in revenues from the sale of gas from internal production,” reads the company’s report. The EBITDA profit also increased by 26.8 percent year-on-year in the first half of 2014. Romgaz is controlled by the Romanian state, that owns 70 percent of the company, while Fondul Proprietatea holds a 10 percent stake. Romgaz was listed both on the Bucharest Stock Exchange (BVB) and on the London Stock Exchange following an initial public offering (IPO) in October 2013 in which the Romanian Government sold a 15 percent stake in the company for EUR 391 million. Irina Popescu, irina.popescu@romania-insider.com