Bulgaria’s state-owned gas company Bulgargaz reported a loss of BGN 15.195 M for the first quarter of 2015, according to the financial report of the company.

According to the report, published on the website of the Finance Ministry at the end of last week, the financial condition of Bulgargaz deteriorates substantially from the same period in 2014.

In Q1, 2014, Bulgargaz reported a profit of BGN 7.151 M.

At the same time, the company’s revenues in Q1, 2015 increased from the same period of last year.

“In the first quarter of 2015, as compared to the first quarter of 2014, the cost of the natural gas quantities sold was 18.77% higher. On the one hand this is due to the larger amount of natural gas sold and on the other hand to the higher supply costs of natural gas,” according to the report, as cited by Capital Daily.

The weighted average supply cost of the company in Q1, 2015 stood at BGN 618.34, while the company sold natural gas at a price of BGN 603.20, or 2.45% below the cost of the raw material.

In Q1, 2014, the price at which Bulgargaz sold natural gas was 14.44% higher than the weighted average supply cost.

According to the report, deliveries of imported natural gas went up by 2.38% in Q1, 2015, while supplies of locally produced natural gas and gas supplies earmarked for the Chiren underground gas storage decreased by 13.79% and 87%, respectively.

Bulgaria’s consumption of natural gas increased by 9.55% in Q1, 2015.

According to Bulgargaz, all sectors bought more natural gas, the largest increase generated by chemical industry enterprises.

At the same time, Bulgargaz was owed BGN 335.968 M by its customers in Q1, 2015.

The largest debtor was heating utility Toplofikatsiya Sofia with debts totaling BGN 236.8 M.

Bulgargaz had BGN 80.357 in current accounts in Q1, 2015.