site.btaBulgargaz Reports H1 Loss of Lv 14,503,000

Sofia, August 4 (BTA) - In the first half of 2017, national gas supplier Bulgargaz reported a loss of 14,503,000 leva after tax. It compares favourably to the 35.4 millon leva loss this time last year, as shown in a financial report released by the company Thursday.

A commentary to the report points out that the company is placed in a disadvantaged position as compared to other national gas traders because being the public supplier, its activity is subject to regulation by the Energy and Water Regulatory Commission.

The key threats to the financial performance of the company are regulator's decisions concerning the price cap for natural gas for the domestic market, receivables and liabilities, as well as the foreign exchange risks and the risk related to borrowing, the commentary says.

Bulgargaz has receivables for used but unpaid gas for 104,756,000 leva. The three biggest debtors are the Sofia and Pleven heating utilities (owing 52,118,000 and 17,430,000 leva, respectively) and LUKOil Neftochim Bourgaz with 10,300,000 leva.

As of June 30, Bulgargaz' had 128 million cu m of gas available in the Chiren pump storage facility (against 114 million cu m this time last year.