Romgaz net profit drops by 31 pc in Q1

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Romgaz registered a net profit worth 208.6 million lei in the first quarter of 2009, down by 31 percent from the same time span in 2008, Company data say.
Romgaz put out lower results over the first 3 months of 2009 than during the same time last year, earning a turnover worth 951.8 million lei in the first quarter of 2009, by 11.6 percent less than over Jan.-March last year.

Due to the financial hardships the clients are facing, the volume of arrears increased by 35 percent from March 2008, amounting to 361.6 million lei on this March 31.
Romgaz is the most important Romanian gas producer and supplier, providing 38.5 percent of the natural gas in the domestic market. Through the Economy Ministry, the Romanian state is the main shareholder of Romgaz whose main activity target is the drilling and storage of natural gas.

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