Romanian leading natural gas producer and distributor Romgaz Thursday reported a 30% drop in its first-half net profit to 225.7 million lei ($70 million), hurt by higher expenses, news agency Mediafax reported.

Romgaz said total sales rose 20% on the year to RON1.86 billion in the January-June period, boosted by rising imports.

The company sold 35.7 million MWh of natural gas in the first half of 2010, up 19% from 29.8 million MWh sold in the same period a year earlier.

Romgaz produced 2.9 billion cubic meters of gas in January-June, well below 5.65 billion cubic meters initially estimated.

Romgaz will be floated on the Bucharest bourse in 2011, Economy Minister Adriean Videanu said earlier Thursday.

The ministry owns 85.01% in Romgaz and it plans to sell a 15% stake after the company's listing.
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