Rompetrol Well Services’ s records RON 4 mln loss on nine months over falling oil prices

Newsroom 14/11/2016 | 13:34

The oil services company Rompetrol Well Services saw its losses expanded almost three times to over RON 4 million in the first nine months of the year, on the back of the difficult oil and gas market marked by low prices.

Rompetrol Well Services (PTR) recorded revenues of RON 20.7 million in the first three quarters of this year, up 47.8 percent compared than the ones from the similar period of the last year of RON 39.65 million.

At the same, the operational expenses were reduced by 42.73 percent to RON 20.88 million.

„The operational activity of the company was really affected by the global economic context in oil and gas industry, the determinant factor being the high drop in the crude oil price,” said Rompetrol Well Services in the quarterly report.

„The effects of the decrease in the oil price ( the delay of the important projects of exploitation and hydrocarbons production, conventional or non-conventional, the reduction of investments, the severe diminishing of the demand in well services) were felt on the markets where the company is present,” added Rompetrol Well Services.

Thus, the EBITDA dropped to the negative area, with a loss of approximately RON 178,000 compared with the positive result of RON 3.19 million obtained a year ago. At net level, the losses grew to RON 4.10 million from RON 1.43 million in the first nine months of the year. At the end of the first semester the company had already a loss of RON 3.03 million.

KMG International has a 73 percent stake in PTR. The company had a market value of more than EUR 15 million on the Bucharest Stock Exchange.

Georgiana Bendre

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