Romgaz ended the first nine months of the year with a net profit of 1.114 billion lei, with 317,1 million lei, or 39.79%, higher than that of the same period last year of 796.89 million lei, according to financial data submitted to the Bucharest Stock Exchange (BSE).

In the first three quarters of 2014 Romgaz recorded a turnover of about 3.287 billion lei, compared to 2.587 billion lei in the same period of 2013, resulting in an increase in turnover by 27.05%, according to Agerpres. The largest share in turnover represents revenue from the sale of natural gas from domestic production.

Turnover rose to about 3.287 billion lei

Turnover from the sale of natural gas from domestic production for the period January to September 2014, compared to that achieved in the same period of 2013, was higher by 717.984 million lei. During this period, there was a greater amount of production sold (7.65% larger), which yielded higher revenues by 142.765 million lei.

Overcoming the quantity of gas delivered was generated by increasing demands from clients for consumption or trading. Also, the gas was sold with an average price increased by 28.63% over that of 2013, which had a positive influence in increasing revenue from the sale of gas from domestic production of 575.218 million lei.

According to company representatives, the turnover generated by storage activity was significantly influenced by changes on storage fees charged from 30 April 2013. Revenues from storage increased by 80.3 million lei (35.42%).

Quantities of natural gas supplied from imports declined in the first three quarters of 2014 compared to the same period last year by 69.36%, these incomes decreasing by 70.59% compared to the same period of 2013.

“Reducing natural gas quantities delivered from import is due to ANRE Order No. 24/2013 approving the Methodology for allocation of natural gas quantities resulting from production activities required to cover the demand on the regulated market, under which natural gas producers have no obligation to deliver domestic natural gas  mixed with import”, reads the report submitted to BSE.

Revenue from the sale of electricity increased in the first three quarters by 144.839 million lei, compared with 2013, to 242.9 million lei. Production of natural gas amounted to 4.228 billion cubic meters, representing an increase by 0.71% compared with production of 4.198 billion cubic meters achieved in the same period of 2013. Expenditure on investment stood at 751 million lei, up by 28.73% compared to the same period of 2013 (582.6 million lei).