Romgaz Mediaş, the only natural gas producer controlled by the Romanian state, posted an over 70 million-euro net profit in the first three months of the year, a significant rise against the similar period of 2010, although the company's production and sales fell.

According to financial data sent by the company management, in the first three months of the year Romgaz's net profit reached 298.7 million lei (70.7 million euros), up 46.7% against the similar period of last year when the company reporting net earnings of 203.7 million lei (49.5 million euros).

"The main factor behind the higher profit was accounted for by the higher gas prices on the internal market," explained Lucian Stancu, deputy general manager of Romgaz.

In the analysed period, the Romgaz turnover reached 1.18 billion lei (280.5 million euros), nearly 4% more than in the first quarter of 2010.

Stancu also specified the company's natural gas production in the first quarter was 1.51 billion cubic metres, lower than the 1.57 cubic metres produced in the similar period of 2010.

"Gas sales fell 9% in the first quarter of 2011 against the similar period of 2010," the Romgaz representative also said.

Romgaz Mediaş, the only natural gas producer controlled by the Romanian state, posted an over 70 million-euro net profit in the first three months of the year, a significant rise against the similar period of 2010, although the company's production and sales fell.

According to financial data sent by the company management, in the first three months of the year Romgaz's net profit reached 298.7 million lei (70.7 million euros), up 46.7% against the similar period of last year when the company reporting net earnings of 203.7 million lei (49.5 million euros).

"The main factor behind the higher profit was accounted for by the higher gas prices on the internal mark