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Half-year financial results do not look well, margins set to dilute

The energy industry lost its leading position of the most profitable Romanian companies last year, as telecoms operators Orange and Vodafone took over the top two spots after having lagged behind Oil Company Petrom for years, the Ziarul financiar daily reports on Friday.

Nevertheless, most spots in the top-25 most profitable local companies are retained by the companies that make, sell or transport energy, the daily adds.

Last year’s results were hit, in the second half-year at least, by curbed consumption and this can be best seen in the case of the auto industry companies or Petrom, which saw its profit halve.

This year’s results depend on the restructuring implemented by the companies as well as on each company’s capability to cut the operational costs.

‘The companies have already begun to report mid-year results and they don’t’ look too well. Margins are likely to dilute too, but there are exceptions such as carmaker Dacia’, said Cristian Manole, an economic analyst at investment house Capital Partners.

Dacia officials had previously said that 2009 results so far looked better than last year, mostly due to increased export following the old car scrapping schemes in Europe.

However, Manole stressed there are no industries to go unscathed by the economic crisis this year, as major differences are likely to arise between the performances of several companies in the same industry.


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