In January through March 2011, Oil Terminal reported a net profit of RON1 million.
Oil Terminal said total sales fell 10.7% on the year to RON25 million in the first quarter.
Revenues were down 12.1% to RON25.4 million, while costs slid 3.2% to RON26.5 million.
Earlier this year, Oil Terminal was forced to cut working hours to four days a week because of low demand, in a move to reduce personnel costs. However, the employees were unhappy with the decision and staged a strike, demanding a 3.4% salary increase, which was later accepted by the company.
The company is 59.6% owned by the Economy Ministry, while investment fund Fondul Proprietatea holds 8.45%.
At around 10:00 am Friday, Oil Terminal’s shares traded down 0.27% at RON0.1475 in Bucharest, amid a slightly declining market. (EUR1=RON4.4165)