Rompetrol swung to positive earnings before interest taxes depreciation and amortization, or EBITDA, of $49.3 million in the first six months, from negative EBITDA of $24.7 million in the corresponding period of 2010.
The company reported consolidated gross revenues of $2.4 billion in January to June, up 37% on the year.
“The increase in revenues is mainly the result of higher international prices for petroleum products, as well as the increase of volume of petroleum products sold” Rompetrol said in its financial report.
Rompetrol’s IFRS results are unaudited and include the results of Rompetrol Rafinare S.A. and those of its subsidiaries, Rompetrol Petrochemicals, Rom Oil S.A., Rompetrol Downstream, Rompetrol Logistics and Rompetrol Gas.
Broken down by core business, Rompetrol’s refining unit reported a loss of $34.8 million in the first half, narrower from $93.5 million in January to June last year.
Pretax revenues rose 42% on the year to $2.16 billion, again boosted by higher international oil prices. The refining unit reported operating profit of $19.2 million in the first six months, versus operating loss of $29 million a year earlier.
The marketing sector posted a net loss of $30.6 million in the first half, wider compared to a loss of $20.7 million in the year-ago period. However, the segment saw a 30% increase in gross revenue to $1.3 billion, from $1 billion in the first half of 2010.
Retail fuel sales fell 3% on the year to 322,000 tons in January to June, but wholesale sales rose 11% to 352,000 tons, Rompetrol said.
In the petrochemical sector, Rompetrol reported a net profit of $0.36 million in the first six months, versus loss of $3.1 million in the same period of 2010. Pretax revenues in the segment rose 35% on the year to $197.5 million.
“The company’s financial results improved due to positive margins from petrochemical products sales, diversification of product portfolio and streamlining of the company’s activity, therefore EBITDA reached $9 million in the first half, higher from $5.3 million in the same period last year,” the report noted.
Rompetrol Rafinare is part of Dutch-headquartered The Rompetrol Group, which is fully owned by Kazahstan’s KazMunayGas.
On the Bucharest bourse Thursday, Rompetrol Rafinare closed up 6% at RON0.0565 a share.