Romanian state-owned gas producer anticipates lower profit this year

Romanian state-owned gas producer Romgaz estimates a gross profit of RON 1.6 billion (EUR 343 million) this year, down by 27% compared to the preliminary gross profit recorded last year, according to the company’s budget for 2018. The company anticipates an 8% drop in revenues, to RON 4.5 billion (EUR 965 million) and a 6% increase in expenses, to RON 2.9 billion (EUR 622 million), according to the same document. Romgaz plans to invest some RON 1.6 billion (EUR 343 million) this year, from its own funds, to compensate the gas production decline in Romania. The company covers about half of the local gas production with the other half coming from oil and gas group OMV Petrom. Romgaz, which is 70% state owned, is listed on the Bucharest and London stock exchanges. The company has a market capitalization of EUR 3.07 billion. Romanian state-owned gas producer ups profit by 82% editor@romania-insider.com