Petrom posts lower net profit and turnover for 2007

Higher oil prices on external markets, and the volatility of the leu exchange rate to the two major currencies, the euro and the dollar, led to a 17 percent drop in earnings for the top local oil company, thereby also affecting its contribution to the mother company’s net results. The Austrian group yesterday reported a net profit of €1.843 bln for 2007, up 11 percent year-on-year, against consolidated sales of €20.04 bln.

“In 2007, we again had record financial results, with good performance registered on all operations. Petrom’s restructuring is progressing. We have managed to stabilize production in Romani during the year, and we are confident that the benefits from modernization efforts will become visible in 2008,” said Wolfgang Ruttenstorfer, General Manager of OMV.

Petrom shares were among investor favorites, even though they opened down 1.18 percent in yesterday’s session, at RON 0.419 per share, lower by 0.71 percent compared to the previous session. Yesterday’s stock exchange value of Petrom reached €6.51 bln, against its €5.6 bln worth in mid-February.