Petrom profit sinks 45% on tumbling crude oil prices

The fall in crude oil prices and dwindling sales have crippled Petrom’s half-year profit, to 923 million lei, down 45% year-on-year. However, second-quarter results topped expectations.

In first half last year, Petrom had posted a net profit of 1.66 bln lei. The profit fall in H1 2009 was weighed down by crude oil price decline and sagging sales of oil and natural gas. However, the net profit was supported by the risk-hedging instruments as well as by the good performance of the currency exchange rates.

“Even though financial crisis has severely affected our mid-year results, we still enjoy a solid financial position and a competitive edge we have achieved through our restructuring efforts and investment programs carried over the past years, coupled with the company’s prompt response to crisis”, said the chief executive officer of Petrom, Mariana Gheorghe (photo).

Second-quarter profit tops forecasts

As for the second-quarter performance, Petrom posted net profit of 417 million lei, down 39% from year-ago earnings of 687 mn lei. However, the profit outlook remains negative, as in first quarter 2009, the profit stood at 506 million lei.

According to a survey conducted by Reuters, the analysts from seven local and foreign brokerage firms had expected the second-quarter profit to stay in the range of 218 mn lei (approximately 52 mn euros), 68% lower than year-ago quarter.

The oil company posted a turnover of 5.93 bn lei (1.4 bn euros) in Q1, down 68% from prior-year period.

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