The business was affected by a decline in energy consumption, especially towards the end of the end of the year, according to the company’s General Manager, Petre Stroe, for Business Standard.
"For 2009, although we are maintaining the client portfolio, we estimate a 10 percent drop in sales, due to the lower consumption. I am not expecting a decline in profit, because our margin is very low, below two percent," Stroe added.
He said that some of EGL Gas&Power clients could delay bill payments. To counter this risk, the company has increased discounts, based on client payment conditions. Natural gas sales make up 45 percent of the company’s business.
The company’s major clients include LukOil Romania oil company, Timken Ploiesti steel product maker and Holcim cement producer.
