Rompetrol Rafinare reports 40 percent turnover increase on Q3

Rompetrol Rafinare, member company of the Rompetrol Group, has registered a 40 percent increase of its turnover to USD 3.8 billion, in the first nine months of 2011 versus the similar period of 2010.

The results are attributable to the 45 percent increase in oil prices and petrol products, 40 percent for fuel and 45 percent for diesel. The annual inflation rate which dropped by 65 percent from Q3 2010 had a positive impact on the Petrom business as well.

The operational results (EBITDA) has improved from a negative USD 6.7 million to USD 42 million at end-September, while the net income has reached a negative USD 113 million in the first three quarters of 2011 from a negative USD 139 in the similar period of 2010.

Rompetrol Rafinare together with Rompetrol Gas and Rompetrol Chemicals has increased exports by 57 percent reaching USD 1.2 billion versus Q3 2010. Contribution to the state budget totaled USD 1 billion by end-September which is USD 200 million less than the previous year.

The refining segment, Rompetrol Rafinare – Petromidia Refinery and Vega Ploiesti work point, have registered a turnover of USD 3.3 billion, which is a 46 percent increase compared to the similar period of 2010, while the operational result (EBIDTA) improved from a negative USD 36 million to approximately USD 1 million.
In the same period, the net result of the company gained 25 percent and reached a negative USD 84.5 million.

Rompetrol Rafinare processed approximately 3 million tons of petrol in the first three quarters and will reach 4 million tons by year-end.

Around 2.2 million tons of oil have been sold by end-September, which is a 10 percent increase of sales compared to the similar period of 2010. a 47 percent share of total sales was exported both to traditional destinations of Rompetrol Group, such as Bulgaria, Moldova or Georgia, or the traditional partners around the Black Sea area.

The distribution segment that includes Rompetrol Downstream, Rom Oil, Rompetrol Logistics and Rompetrol Gas registered a 35 percent increase of turnover to USD 2.1 billion in the first three quarters. The operational result (EBITDA) totaled USD 32 million, while net loss reached USD 30 million, which is a slight increase from the negative USD 28 million in Q3 2010.

In the first three quarters of 2011, total fuel sales increased by 8 percent, while Rompetrol Downstream registered a 3 percent decrease in the retail segment and a 20 percent increase in the en-gros segment.

At end-September, Rompetrol Downstream operated 769 fuel stations.

Rompetrol Petrochemicals has registered a 36 percent increase of its turnover to USD 292 million in the first nine months of 2011, compared to the similar period of 2010. This was attributable to favorable international prices of petrochemical products and the increase in volume trading.

In the first nine months of 2011, the petrochemicals arm of Rompetrol reported losses of USD 2.5 million, almost 6 times higher than Q3 2010. The operational result (EBITDA) totaled USD 5.7 million.

Ovidiu Posirca

DMCA

PROTECTED