Petrom eyes annual profit of 1.11 bln lei

Petrom, Romania’s biggest company said it expected an annual net profit of 1.11 billion lei this year, up slightly from last year and turnover to slide by a third, according to the revenues and expenses budget passed by shareholders.

Last year, Petrom reported after-tax profit of 1.02 billion lei (278 million euros), 43% down from a year earlier, following large provisions that triggered 1.296 bln lei loss in fourth quarter 2008.

For this year, Petrom expects the turnover to stay in the range of 11.13 bln lei, down by a third compared to 16.75 bln lei in 2008. The company said it would cut investment spending down to 4.72 bln lei this year, allotting 26% less compared 6.4 bln lei last year.

The company will pay out dividends of the last year’s profit, although the state requested the distribution of only half of the profit in the form of dividends.

The Austrian group OMV is the majority shareholder of Petrom, with a 51.01% stake, while the Ministry of Economy and Trade holds 20.64% and Fondul Proprietatea 20.11%.

The company has a share capital of 5.66 bln lei, divided into 56.64 bln shares with a nominal value of 0.10.

Petrom shares are listed at the tier one of Bucharest Stock Exchange and closed the Tuesday session at 0.183 lei. Petrom is the largest company in Romania by market value (10.36 bln lei).

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