Romania's gas producer Romgaz reduces profit

State-controlled gas producer Romgaz made a net profit of close to EUR 220 million in the first nine months of 2015, some 12% lower compared to the same period of last year. The company’s turnover also dropped by 11%, to EUR 660 million, due to lower gas quantities sold, as the demand in the local market went down. Romgaz sold less gas from its own production, but at higher prices. Romgaz’ production declined by 2.2% compared to the first nine months of last year, to 4.13 billion cubic meters, while the gas sales in the local market were 10.4% lower, at 3.72 billion cubic meters. The import gas sales were close to zero. In the third quarter, Romgaz made a net profit of EUR 47 million, 14% lower compared to the same period of 2014. Romgaz is listed on the Bucharest Stock Exchange and has a market capitalization of some EUR 2.52 billion. editor@romania-insider.com