Petrom profits dropped by 48% in the first quarter of 2009

Vineri, 8 mai 2009, 11:13 English | Business

Petrom, the most important oil company in Romania, controlled by the Austrian OMV group registered a profit  after tax of 506 million Lei in the first quarter of 2009, a 48% decrease compared to the similar period, last year, NewsIn informs. According to company representatives, the main cause is the negative influence of oil prices.

In the first three months of 2008, Petrom registered a profit after tax  of 977.03 million lei. The company registered 3.04 billion lei in the first quarter of 2009, a 18.3% decrease compared to the similar period, last year.

Petrom General Executive Director Mariana Gheorghe declared that the unfavorable oil price evolution and the economic crisis were the main consequences of the significant decrease in profits. Last month Petrom estimated a 33% decrease compared to last year to reach 11.1 billion lei.