Rompetrol Rafinare losses doubled in first 9 months

The document goes on to say that, “the evolution of financial indicators was sustained by increased production of oil products as well as the matching of prices according to market trends.” Rompetrol representatives refused to provide information on the company’s net profit in the first nine months, without specifying whether the company is still profitable or has incurred losses. In 2006, the group’s main Romanian company, Rompetrol Rafinare, posted $6 mln (€4.1 mln) in losses for January-September.

Rompetrol Rafinare Constanta and its subsidiaries, Rompetrol Petrochemicals, Rom Oil, Rompetrol Downstream, and Rompetrol Logistics, registered a 20 percent increase in turnover, for the first three quarters, to $2.31 billion (€1.6 bln) from $1.93 bln (€1.33 bln). Compared to business in H1 2007, at $1.38 bln (€95 mln), the increase amounts to some 67 percent, according to Rompetrol.

“The processing of record quantities of raw materials at Rompetrol Rafinare at the beginning of the year is due to a plan to extend the refinery’s capacity to an annual five million tons by 2009, announced in 2006, at which time some 3.7 million tons of raw materials were processed. As such, our declared objective of becoming one of the 25 largest European refineries is closer,” said Cosmin Cocean, Vice President for refining operations at Rompetrol Group, quoted by the press release.

Results are preliminary, awaiting an audit, and these were reported according to international financial reporting standard (IFRS). The press release further states that Rompetrol Group registered $4.7 bln (€3.2 bln) worth of business in the first nine months of 2007, up 10 percent year-on-year, when it posted close to $4.28 bln (€3 bln) in turnover. Rompetrol Group’s EBITDA for the first three quarters was $162 mln (€112 mln), up 30 percent year-on-year. Financial indicators of the group were boosted by “the expansion of the Rompetrol fuel distribution network in the country and abroad, as well as the processing of record quantities of raw materials at Rompetrol Rafinare,” according to the group’s CFO, Adrian Petrus.