Rompetrol Rafinare ends Q1 with 48 percent gross turnover growth

Romanian refinery Rompetrol Rafinare, a member of KazMunayGas International, Wednesday reported a first-quarter net loss of USD 26.8 million, slightly wider than USD 25.2 million in the same period of 2013.

Rompetrol achieved a brute turnover of USD 1.3 billion dollars, up 48 percent from USD 884.3 million dollars after the first three months of 2013. Sales are up but so are losses (USD 26.8 million), according to a press release from the company. Losses increased 6.7 percent from the negative result of USD 25.1 million achieved in Q1 2013.

“Increasing the quantity of goods produced and traded had a positive influence on our consolidated financial results compared to last year but a negative effect on the evolution of interntional prices for oil and oil products”, according to Rompetrol Rafinare.

On its refinery segment, the company registered a turnover of USD 1.21 billion before taxes in Q1 2014, up 56 percent compared to last year when it recorded a turnover of USD 778.8 million.

KazMunayGas scheduled investments worth USD 35 million for this year in Romania.

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