Romania: Decreased profit at Romgaz in first half of 2020, SEE Energy News
In the first half of 2020, Romanian natural gas producer Romgaz produced 2.2 billion cubic meters of natural gas, which is 16.8 % less compared to 2019, while electricity production rose by 72 % to 295.23 GWh. Romgaz recorded a net profit in the amount of 165.5 million euros in the first half of 2020, which is by 17.9 % lower compared to the same period last year.
The company’s revenues decreased by 23.7% year-on-year to 452.3 million euros in the first six months of 2020. Revenues from natural gas sales fell by an annual 28.7 %, while revenues from underground gas storage operations rose by 46 %. Revenues from electricity sales increased by 15 % compared to the first half of 2019.
Depreciation, amortization and impairment expenses dropped by 25 % to 56 million euros in the first half of 2020, due to lower expenses from impairment of fixed assets and exploration assets, while other expenses fell by 34.1 % to 117.5 million euros, due to a drop in royalties and windfall tax.
In the first half of 2020, Romgaz invested 65.5 million euros, representing 58 % of total investment planned for this year.