Biggest Romanian company increased nine-month profits by 48% despite financial crisis

Joi, 6 noiembrie 2008, 11:41 English | Business

Romania's biggest company, Petrom, obtained in the first nine months of the year a net profit of 2.29 billion Ron, a 48% increase as compared to the similar period last year, despite the macroeconomic crisis internationally, a press release of the company shows, quoted by news agency NewsIn. Petrom's positive evolution allowed its main owner, OMV, to announce a profit for the same period of 26%. 

In the first three quarters of 2007, Petrom obtained a net gain of 1.548 billion Romanian Ron. Petrom registered  for the third quarter a net profit of 174.86 million euro, just 5% lower profit below the one registered in 2007 which went beyond what experts expected.

Several experts, questioned by Reuters estimated a decrease by almost 21% due to the fact that oil prices decreased and the value decrease of the refinery. Petrom's operational profit grew by 54% in the first nine months, to 689 million euro after in the similar period in 2007 it registered 1.633 billion Romanian Ron.

Petrom's main shareholder, OMV announced a profit increase of 26% in the first nine months, to 1.58 billion euro. The main causes that lead to a positive evolution were the high oil prices and the good evolution of the Romanian branch, AFP informs.