Romgaz posts 5% increase in profit

In this same period, the company’s turnover amounted to €788 million, some 8.5 percent higher than in January-September 2007, according to preliminary data provided by the company to Business Standard.

“These results were registered amid lower production, yet higher gas prices,” Romgaz officials said. Production is down 4-5 percent annually, as gas deposits are exhausted.

By the end of 2008, Romgaz expects €180 million in net profit and €1.09 billion in turnover.

Romgaz General Manager, Francisc Toth, said the company was not affected by the international financial crisis. “We hope not to be affected. We have no major loans to impact on our operations,” he said.

So far, the company has made investments worth €197 million, and it expects these to reach €310 million by the end of 2008.

Toth said the company plans to become one of the top players on the local electricity production. “We will invest a lot in energy in the coming period. We are currently looking for acquisition opportunities,” he added. Toth did not mention the available investment budget for energy production.