Petrom posted a net profit of 1.02 billion lei (EUR230 million), down from RON1.27 billion in July-September 2013.
The company’s sales went down 17% on the year to RON5.47 billion, as hydrocarbon production in Romania was broadly flat, but crude prices were lower, Petrom said in its financial report.
The Group’s earnings before interest and tax (EBIT) amounted to RON1.35 billion, 15% lower compared to the result recorded in Q3/13, mostly due to lower sales triggered by challenging market environment and by the increase in excise, Petrom said. “Also, the introduction of the new tax on construction in Romania negatively affected the result and offset the positive impact from transfer of non-current assets and lower exploration expenses.”
For the first nine months, Petrom reported a net profit of RON2.4 billion, down 34% from RON3.66 billion in the same period of 2013.
Its sales amounted to RON16.19 billion in January to September, down 11% from RON18.15 billion in the year-ago period.
Austria’s OMV owns 51% in Petrom, while the Romanian economy ministry has a 20.6% interest in the company. (EUR1=RON4.4192)