Romanian gas producer ups profit by 44% on higher prices

Romanian state-owned gas producer Romgaz Medias increased its net profit by 44% last year, to EUR 323 million, according to the preliminary results it made public on Thursday, February 19. The company’s sales went up by 15%, to EUR 1.01 billion, mainly driven by higher gas sale prices. Romgaz also produced more electricity with its gas power plant in Iernut, the company announced. These are the best results ever for Romgaz. The company is 70% owned by the Romanian state. Local investment fund Fondul Proprietatea holds 10% of its shares and the remaining 20% are trading on the Bucharest Stock Exchange and Longon Stock Exchange. The company has a market capitalization of EUR 2.93 billion (as of February 20, 2015). editor@romania-insider.com