Loading ...Net turnover declined by 27 percent, to 9.456 billion lei. In Q3 this year, Petrom posted a net profit of 615 million lei, a 2 percent drop from the corresponding period of 2008 and a turnover of 3.53 billion lei, 25 percent lower than the one in Q3 last year.
“Despite unfavorable economic conditions, we had good results in Q3, sustained by a prompt reaction to the deterioration of the business environment: instruments to cover the oil price risk in 2009, costs and operations adjustment, as well as financing for key-projects”, stated Mariana Gheorghe, Petrom executive director general.
“We started production at recently drilled offshore wells, Delta 6 and Lebada Vest 4, which have contributed to reversing the output downward trend.
As well, we cut production costs and consolidated our position on the fuel retail market. Despite that, our cumulated results in the first nine months were affected by lower oil prices, difficult economic conditions and deterioration of margins, marked by industrial and commercial sectors decline. On short-term, we expect that the oil and energy sector, as well as the macro-economic conditions in Romania be marked by volatility.
As a reaction to a difficult business environment we will focus on the set strategic directions and sustained investments, whereas we will continue to revise our restructuring options and evaluation of business opportunities”, Petrom official also pointed out.
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