Romgaz revised down by 10% its forecast on the 2013 revenues to 4.43 billion lei (roughly EUR1 billion), from RON4.92 billion previously.
“The lower revenue is largely due to fewer deliveries of natural gas to both local and foreign consumers, as well as to a decline in gas price following a structural change in the company’s consumer portfolio,” Romgaz said.
Romgaz also lowered its estimate on the 2013 net profit to RON1.27 billion, from RON1.4 billion initially.
The company’s expenditure is envisaged to drop 10.1% to RON2.91 billion in 2013.
The revised budget is subject to shareholder approval at a meeting scheduled for December 30.
Romgaz is majority owned by the state, through the Energy Department. In October, the company raised RON1.7 billion in an initial public offering of shares and global depository receipts traded in Bucharest and London, respectively.
At around 3:40 pm Thursday, Romgaz’s shares traded flat at RON35.6 in Bucharest. (EUR1=RON4.4352)