Moldovagaz suffers 3.1-billion-lei losses in 2015

Chisinau, 14 April /MOLDPRES/- Moldovagaz joint-stock company has suffered losses accounting to 3.1 billion lei in 2015, 33 per cent more against 2014, according to a financial report of the company.

The losses in the gas supplier’s economic-financial activity “are caused by the depreciation of the national currency, especially by the negative exchange rate difference along with the historical debt for natural gas supplies, as well as by the unprofitable tariff policy led by the National Agency for Energy Regulation (ANRE), which failed to revise natural gas tariffs in 2011-2015 and by the debts in the thermal energy sector,” a press release by Moldovagaz reads. The management board of the Moldovan-Russian joint stock company believes the current tariff methodology continues to generate losses for Moldovagaz and its affiliated companies, as it diminishes the norm of gas losses in distribution networks included in the tariff and does not include all the costs of the enterprise’s activity.

The exchange rate difference was established based on the recalculation of Moldovagaz gas supplier’s debts to Gazprom and Factoring-Finans in Moldovan lei at the reporting date.

Moldovagaz company’s sales revenue decreased by 9.3 per cent in 2015 against 2014, while the cost of sales fell by 18.9 per cent, according to the supplier’s financial report.

Losses caused by its operating activities in 2015 were 4.6 times smaller against 2014, while losses caused by its financial activities grew by 1.8 billion lei, up to almost 3 billion lei.

(Reporter V. Bercu, Editor A. Raileanu)