Romanian gas producer’s profit, down due to higher taxes

State-controlled gas producer Romgaz recorded a net profit of RON 1.03 billion (EUR 221 million) in the first nine months of this year, down by 14% compared to the same period of 2017, despite an 8.5% increase in total income, to RON 3.52 billion (EUR 757 million). The lower profit was mainly influenced by the higher royalties and higher income tax on revenues from gas price deregulation, which had a combined effect of about RON 200 million (EUR 43 million), according to the company’s financial report. The total expenses thus increased by 25.7%, to RON 2.3 billion (EUR 495 million). Romgaz had a market share of 49% of the total gas deliveries on the local market in the first nine months of this year, up from 42.8% in the same period of last year. Romgaz is also an electricity producer and had a share of 1.9% of the total electricity producer in Romania in the same period. Romanian gas producer wants to build new power plant editor@romania-insider.com