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    Gasum Reports Slide in H1 Operating Profit


Gasum blamed the result on weak European gas prices.

by: Joseph Murphy

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Natural Gas & LNG News, Europe, Premium, Corporate, Financials, Companies, Europe, News By Country, Finland

Gasum Reports Slide in H1 Operating Profit

Finland's Gasum saw its operating profit fall by 21% year on year in the six months ending June 30, to €17.5mn ($20.5mn), it said on July 29, blaming the decline on weaker gas prices in Europe.

Its operating profit margin, however, increased to 5.8% from 4.2%, while its balance sheet total grew to €1.26bn, from €1.11bn. Its solvency remained strong, it said, even though its equity ratio fell to 39.9% from 43.5%. Revenues sank 42% to €302.3mn.

"The first half of the year saw us purposefully continue taking our strategy forward despite the uncertainties brought about by the Covid-19 pandemic.," CEO Johanna Lamminen commented. "We have continued implementing our projects as planned and so far the pandemic has had only minor impacts on our business."

Highlights of the period included Gasum closing its acquisition of the biogas business of Linde, and the marine bunkering business of another German firm Nauticor.