In April-June 2012, Petrom reported net profit of RON643 million.
However, net result is down 20% from RON1.33 billion in the first quarter, as the bottom-line was mainly impacted by a six-week planned shutdown at the company’s Petrobrazi refinery in southern Romania.
Petrom said its daily production in Romania advanced 2.1%, “the highest quarterly increase since privatization (in 2004 – e.n.), triggered by successful offshore workover campaigns, and as a result of significant investments.”
The company’s sales were 7% lower on the year at RON5.79 billion in the second quarter, but the earnings before interest and tax (EBIT) rose 53% to RON1.39 billion, mainly due to an improved result in the refining and marketing segment.
In the first half, Petrom’s net profit stood at RON2.39 billion, up 18% from RON2.03 billion in the same period of 2012.
In January to June, sales were down 5% year-on-year at RON11.58 billion, while EBIT increased 10% to RON2.97 billion.
“In the first half of 2013, we improved our financial and operational performance compared with 6m/12, as a result of last years’ investments, strict cost management and operational excellence initiatives,” said Mariana Gheorghe, chief executive officer of Petrom.
The company noted that its investment program has enabled it to stabilize production. “The slightly higher hydrocarbon volumes in Romania fully compensated the effect of temporary technical problems in Kazakhstan,” Petrom said in a statement.
The oil company, which completed in June the largest 3D seismic program in the Black Sea in joint venture with ExxonMobil, aims to resume drilling in the Neptun block towards the end of 2013 or early 2014, Mariana Gheorghe also said.
Petrom noted its performance on the gas and power segment was hurt by lower demand for both natural gas and electricity, as well as by lower electricity prices. The refining margins decreased, but the retail business was stable.
Petrom, in which Austria’s OMV holds 51%, is listed on the Bucharest stock market and its shares closed down 0.7% Monday. (EUR1=RON4.425)