Romanias OMV Petrom reports steady EBIT in Q3.

By bne IntelliNews November 8, 2012
OMV Petrom, Romania's largest company in terms of revenue, reported a 4% y/y drop in its third-quarter EBIT to RON 1.3bn (approx. EUR 290mn), but this figure was actually up 2% on the year when corrected for one off elements, the company's financial report indicated. Favourable crude oil prices supported the exploration and production segment, but depressed sales and margins in the marketing segment, the firm's CEO, Mariana Gheorghe, was quoted as saying by Ziarul Financiar daily. The company has strengthened its investments in the E&P segment related to the Black Sea blocks it operates, Gheorghe stressed. OMV Petrom will invest EUR 0.8-1.2bn per year in the coming years, according to its strategic plan. The company's net profit consequently shrank 27% y/y to RON 864mn (approx. EUR 190mn) in Q3. In the Jan-Sep period, OMV Petrom's net profit shrank 1% y/y to RON 2.9bn (EUR 652mn), while sales expanded 18% y/y to RON 19.2bn (EUR 4.33bn).
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