Higher electricity and natural gas prices have increased profits for all producers in this sector. However, the appreciation of the Romanian leu against the euro and the dollar, repairs, and the mild winter have all affected the businesses of most companies in the energy sector, including Petrom, Complexul Energetic Craiova, and Transelectrica.
Almost all energy companies have already posted their financial results for H1 2007, and most of these companies registered increasing profits.
Petrom remains the most profitable company in the energy sector, with a profit in spite of a drop in net sales from H1 2006. The company’s turnover fell by 14 percent in the first six months of 2007, to €1.63 billion, and its net income dropped by 38 percent to €266.2 million, due to the appreciation of the leu, lower oil prices and the one-month repairs at the Arpechim refinery.
Romgaz Medias, the largest domestic gas producer in 2006, is the second-most profitable energy company in H1 2007. Romgaz registered a 8.85 percent increase in business, up to €491.2 million, while its net income plunged by 13.31 percent, down to €60.7 million in the first half of 2007.
