Petrom’s net profit down 48 percent in Q1

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Petrom’s net profit stood at 506 million lei, in Q1 of 2009, down by 48 percent as against the same period of the previous year, according to information sent by the company to the Bucharest Stock Exchange (BVB).

Petrom reported 3.037 billion lei in turnover, down by 18 percent as against Q1, 2008.

The investment made by the company, including the prices of Petrom’s shares were of 1.17 billion lei in Q1, down 43 percent as against the same period of the previous year.

In 2008, Petrom reported a profit worth 1.022 billion le i, down by 43 percent as against 2007. The net turnover grew 36 percent and stood at 16.75 billion lei in 2008, whereas investment grew 68 percent, up to 6.4 billion lei.

‘The unfavourable evolution of the prices of crude oil and the worsened economic situation which continued in Q1, 2009 put pressure on Petrom’s results. However, we benefited from the favourable influences of the strategy of hedging, but also of the constant effects of reorganisation, which contributed to the reduction of effects of current difficult conditions on the market. We’ll continue the investment programme, even if at a lower pace than the previous year.

The corporative loan worth 300 million euros, obtained through EBRD at the end of March 2009, as part of a sweeping financing programme agreed in 2008, contributes to the strengthening of the financial position, ‘ said the executive general manager of Petrom, Mariana Gheorghe.

Petrom is the biggest Romanian company of oil and natural gas with activities in the sectors of Exploration and Production, Refinery and Petrochemical Products, Marketing, Natural gas and Electricity. Petrom exploits proven oil and natural gas reserves appraised at 0.9 billion barrels oil equivalent, it has a maximal refining capacity worth 8 million tonnes and some 550 stations of fuel distribution in Romania.

The company also holds an international network of 257 petrol stations, located in the Republic of Moldova, Bulgaria and Serbia.

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