“The measure will be applied until the company’s economic situation is mended, but no later than April 30,” the company noted in a report posted Tuesday on the Bucharest Stock Exchange.
For this year, the company has budgeted sales of 114.9 million lei (EUR26.43 million), down 13.6% on the year.
Oil Terminal has not yet reported the financial results for 2011, but nine-months sales stood at RON88.4 million and net profit in the same timeframe reached RON1.7 million. In the first nine months of 2010, the company had reported a net profit of RON3.7 million and RON94.5 million in sales.
The company is 59.62% owned by the Economy Ministry.
Oil Terminal shares closed up 1.98% Monday, at RON0.201. (EUR1=RON4.3473)