Romania�s biggest company bolsters nine-month profit, amid financial crisis

EBITDA rose 80% in January-September 2008 interval

In first three quarters of 2007, Petrom posted 1.548 billion lei net revenue.
For Arpechim, Petrom set a 559 million lei provision, equivalent of the full book value of the refinery’s assets.

“In Q3/08 we registered positive results, despite the flawing macroeconomic context. We continued the investment program designed to stir up the company’s efficiency, we maintained the oil production at last year’s level and we registered a constant growth in sales of crude oil derivatives” , said Mariana Gheorghe (photo), Chief Financial Officer of Petrom.

The roller coasting evolution of Petrom shares has slightly bolstered by 0.18% the index that gauges the evolution of companies in the energy sector.

At the end of the day, Petrom shares closed session at 0.2 lei/unit, while BRD shares were priced at 8.2 lei/share.

Petrom reported quarterly net revenue worth 626 million lei in Q3, 5% down from a year ago, beating analysts’ forecasts. In third quarter last year, the company had already reported net earnings of 661 million lei.

Several analysts surveyed by Reuters forecasted a 21% fall of Petrom’s net profit in third quarter, as a result of crude oil’s price slump and writedown of Arpechim’s assets. Therefore, analysts estimations for third quarter’s net profit at Petrom ranged between 600 million lei and 950 million lei at 524 million lei median.

Earning before interest and tax rose 54% in first nine months to 2.509 billion lei (699 million euros), from last year’s 1.633 billion lei EBIT.

Earning before interest, taxes, depreciation and amortization (EBITDA) rose 80% in January – September 2008 interval, to 4.230 billion lei (1.16 billion euros), from last year’s EBITDA of 2.356 billion lei.

Turnover of Romania’s juggernaut climbed 50% in first nine months this year to 13 billion lei, from last year’s 8.67 billion lei. Petrom said the strong advance of turnover is due to large sale of fuel, both on internal market and external market.

Furthermore, Petrom broadened investment pool to 4.638 billion lei, as in January-September 2008 the company had invested 2.376 billion lei.

Austrian-based OMV is Petrom’s majority shareholder, with 51.01% stake while AVAS holds 20.64% and Property Fund holds 20.11%.

Translated by Camelia Oancea

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