The company’s first-quarter profit is 4% higher than the result reported in the first three months of 2015.
Conpet’s net turnover reached RON93.7 million in January-March, down 2.4% from the same interval a year ago, following a reduction of 153,600 tons of the quantity of oil transported. Conpet transported 1.8 million tons of oil in the first quarter of 2016, which translates into an annual decline of 8%.
Revenue from transport services stood at RON93 million in the first quarter, down 2.3% on the year, following a reduction of the quantity of oil transported. The company’s operating revenue reached nearly RON101 million in the first three months of 2016, down 2.3% on the year.
The evolution of revenue and expenses in January-March 2016 triggered a gross profit of RON22.2 million, up 2.4% against the year-earlier period, due to a 6.2% increase in its exploitation activity. The company’s operating profit stood at RON21 million in the mentioned interval. Its operating expenses of nearly RON80 million are lower compared with the forecasted budget and with the first quarter of 2015.
Conpet’s financial revenue rose over the envisaged level (RON300,000), but lower by RON705,000 (37%) against the same period in 2015, due to a cut in the interest rate on bank deposits. Conpet’s overall assets total RON856 million, up 2.4% compared with the end of 2015, while its total debts fell nearly 8% to RON64 million.
Conpet is 59% controlled by the Romanian state, via the Energy Ministry. Other shareholders include British investment fund Utilico Emerging Markets, with a 7.5% stake, Finnish fund KJK with a 7% stake and Fondul Proprietatea, which holds 524,366 shares, representing 6% of the company’s total number of shares.