Romania's Romgaz H1 net profit beats forecast

BUCHAREST Tue Aug 12, 2014 1:26am EDT

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BUCHAREST Aug 12 (Reuters) - Romanian state-controlled natural gas producer Romgaz SA recorded a net profit of 871 million lei ($263 million) in the first half, 40 percent up on the year, with revenues boosted by a recovering economy.

The Romgaz profit average estimate of 835 million lei is according to a Reuters poll of four banks and brokerages. It recorded a net of 622 million lei in the same period in 2013.

It said revenue from gas sale from internal production rose by 46 percent on the year to 2 billion lei in January-June, with revenue from underground gas storage 45 percent up.

Romgaz, listed on the Bucharest bourse and in London, has a market capitalisation of around $4.0 billion. It is the country's largest underground gas storage operator and its businesses include gas exploration and electricity production.

($1 = 3.3127 Romanian lei) (Reporting by Radu Marinas)

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