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Bulgaria’s Bulgargaz Turns to Net Loss in H1

Bulgarian state-owned natural gas supplier Bulgargaz said it turned to a net loss of 14.5 million levs ($8.75 million/7.4 million euro) in the first half of 2017, from a net profit of 35.4 million levs in the like period of 2016.

The company’s revenue edged up to 588.8 million levs in the January-June period, from 588.2 million levs a year earlier, Bulgargaz said in its H1 2017 financial report posted on the website of the finance ministry.

Cost of natural gas sold rose to 586.6 million levs in the period under review, from 539.3 million levs in the same period last year.

Bulgargaz sold 1.67 billion cubic metres of gas in the review period, up by 12% year-on-year.

The company’s total assets were 10.1% lower at 289.1 million levs at end-June, compared to end-2016.

Bulgargaz is part of the Bulgarian Energy Holding (BEH), which pools all state-owned energy assets.

(SeeNews, August 1, 2017)

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