Romgaz profit after H1, down by almost 20 pc


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After the first six months of 2016, Romgaz reached a net  profit of RON  615.3  million, down by almost 19.7 percent, but in line with the budget forecast (+0.65 percent) although lower than in the similar period of 2015 (-19.74 percent), the natural gas producing company announced on Friday in its half-yearly report.

Compared to the similar period of the last year, the company’s operational and financial performances for H1 2016 have been influenced mainly by the decrease of natural gas demand on the Romanian market by approx. 6 percent.

Although the net profit, EBIT and EBITDA are lower as compared to H1 2015, the financial indicator ratios as compared to revenue do not record significant deviations and are highly favourable: 33.3 percent, 40.1 percent and 54.8 percent (as compared to 34.3 percent, 41.5 percent and 54.80 percent, respectively during H1 of 2015)

Revenue from electricity production has increased by 56.9 percent, namely RON 45 million. Other operating income, inclusive late payment penalties increased by RON 42 million.

The intensive exploration activities carried out deep onshore lead to the largest hydrocarbon discovery of the latest 30 years of about 25-27 billion cubic meters. Romgaz produced 2,197 million cubic meters of natural gas during the first half of 2016, 580 million cubic meters (20.9 percent) less than the gas produced in the same period of the previous year.

The results included in the H1 report shows also that on June 30, 2016 the company had a number of 6,282 employees, down from 6,356 at the end of 2015.

At the end of H1 2016 Romgaz shares were quoted at RON 25.1, being 31 percent below the closing price on June 30, 2015.



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