State-run Romgaz posted a net profit of 410.6 million lei (EUR93.1 million) in the January-September period, from RON917.6 million in year-earlier interval.
The company’s sales fell 10% on the year to RON2.59 billion, due to declines of quantities delivered both from local sources and from import, Romgaz said in a statement.
Total revenue was at RON3.06 billion in January to September, down 8% on the year, while overall expenditure rose 11% to RON2.43 billion, according to the company’s quarterly financial report.
The increase in costs was mainly due Romgaz’s takeover of the Iernut thermal power plant, which generated higher amortization and personnel costs, but also to a supplementary tax on gas companies’ revenue introduced earlier in the year by the Romanian government.
On Tuesday, Romgaz was listed on the Bucharest and London stock exchanges, following a RON1.7 billion public offering in October.
Romania’s Economy Ministry owns 70% in Romgaz, investment fund Fondul Proprietatea (FP.RO) has a 15% interest, while the other 15% were sold in last month’s offering.
On the Bucharest bourse Thursday morning, Romgaz traded down 1.3% at RON33.85 a share. (EUR1=RON4.4619)