Monday, April 11, 2011

Romanian Romgaz Sees Lower 2011 Gas Sales, Output

Romgaz SA, a Romanian state-run natural-gas producer, said its revenue will probably drop 6.6 percent this year as gas output falls, while its net income will rise 28 percent because of cost cuts,Mediafax reported.

Revenue will probably decrease to 3.95 billion lei ($1.4 billion) from 4.23 billion lei, while net income will probably increase to 650 million lei from 509 million lei, the news service said, citing a statement from the Medias, Romania-based company. Investments are expected to fall 24 percent to 906 million lei from 1.2 billion lei, according to the statement.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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