Romagaz net profit up 18.9pct in first nine months of 2019

Romania's national gas producer Romagaz posted a net profit of 1.185 billion lei in the first nine months of this year, increasing by 18.9 percent compared to the same period of last year, according to the the financial report of the company sent by the Bucharest Stock Exchange on Thursday. 

The turnover increased by 10.1 percent to 3.790 billion lei. 

"Confirming the previous course, between January and September 2019, the Group registered increases of the main indicators compared to the similar period of 2018, thus: the turnover +10.1 percent, earnings before interest and taxes (EBIT) +18.4 percent, the the earnings before interest, taxes, depreciation and armonisation (EBITDA) +25.4 percent. The rates corresponding to profitability also stand at significant values," company officials showed. 

Total revenues increased by 11.6 percent to 3.927 billion lei, whereas total expenditures were higher by 9 percent, reaching 2.532 billion lei. 

"The gross result is higher by 17.0 percent against last year, due to the following factors of influence: the turnover increased by 10.1 percent against the turnover obtained in the similar period of 2018, as a result of an increase of revenues from sale of natural gas, both domestic production and gas bought for resale (+12.92 percent); the positive effect of the turnover growth over the profit was diminished by the increase in expenditures with tax on additional revenues (+50.4 percent, an increase of 186.4 million lei, respectively) and the money contribution collected by license holders in the energy and natural gas areas of 2 percent of the turnover obtained from activities covered by the licenses granted by the Regulatory Committee of the National Energy Regulatory Authority - ANRE (62.8 million lei)," according to the financial report.