Petrom Q3 net profit falls 2% to New Lei 615m

10 November 2009 14:14  [Source: ICIS news]

PRAGUE (ICIS news)--Petrom's third-quarter net profit edged down 2% year on year to New Lei 615m (€141.7m, $212.1m) as it suffered declines in its petrochemicals and fertilizer businesses, the Romanian oil and chemicals company said on Tuesday.

Group net turnover declined 25% year on year to New Lei 3.5bn, mainly due to lower prices and petrochemical sales, Petrom said.

Sales volumes for petrochemicals and specialties were down 33% year on year, Petrom said, with the Arpechim steam cracker remaining off line in preparation for the closure and possible sale of the Arpechim petrochemical subsidiary.

Fertilizer maker Doljchim also proved a drag on Petrom's financial results as it recorded an operating loss of New Lei 59m.

Doljchim's sales volumes fell 19% year on year to 101,000 tonnes, with the unit's methanol output also meeting with low prices in a depressed market, it said.

Petrom's bottom line benefited from oil price hedging, which generated a financial gain of New Lei 126m, the company added.

Petrom is majority-owned by Austria’s OMV, which reported its results earlier on Tuesday.

($1 = New Lei 2.90/€1 = New Lei 4.30)

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By: Will Conroy
+44 20 8652 3214

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