Romanian gas firm Romgaz's 2011 net profit doubles to EUR 244mn.

By bne IntelliNews May 29, 2012
Romanian state-controlled natural gas company Romgaz reported a net profit of over RON 1bn (EUR 244mn) for 2011. The profit is 32% above the preliminary estimate released in February and more than double the RON 0.5bn net profit reported in 2010. The company will distribute most of the profit, namely RON 0.94bn, as dividend to its shareholders, it said in a statement. The state controls 85% of Romgaz, while the remaining 15% are held by the Property Fund. The government plans to sell another 15% stake in the company under an IPO this year. Romgaz produces roughly half of the countrys natural gas output.

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