“The improvement of the company’s consolidated net result follows the positive trend of the first quarter of 2013, when the net loss of the company dropped down by 60% as compared to the same period of 2012 and amounted to $25.18 million,” Rompetrol said in a statement.
It said Petromidia, the group’s largest refinery, reached the maximum production capacity of 14,000 tons a day in May and June, after the completion of an investment program. Petromidia accounts for more than 40% of the refining capacity of Romania, and the total investments of The Rompetrol Group and its sole shareholder, KazMunayGas, reached $1.3 billion between 2007 and 2012.
Rompetrol Rafinare’s consolidated gross turnover fell 13% on the year to $1.96 billion in the January-June period, due to the decrease of the international quotations of the oil products and volumes traded by the company, the statement reads.
The company improved its operational result (earnings before interest, tax, depreciation and amortization, or EBITDA), which remained still negative. In January-June 2013, the company posted a net operational loss of $8.2 million, compared with a negative result of $29.1 million in the same period of 2012.
On the Bucharest stock market Monday, Rompetrol Rafinare closed up 1.7%, outperforming the general market trend.