Rompetrol Rafinare posted a loss of $25.2 million in January to March, compared with $62.7 million in the year-earlier period.
The company said its gross turnover decreased 19% to $884.3 million, from $1.1 billion in the first quarter of 2012.
“In this period, the company managed to improve the operational result (EBITDA) by approximately 90%, close to break even, up to a negative level of $120,000,” Rompetrol Rafinare said in a statement.
It said the results were influenced by the decreases of fuel prices the international commodity markets and a 5% drop of international crude oil prices, which were supported by a 8% improvement of the Brent-Ural differential and by the growth of the net refining margin due to investments.
Thus, the refining segment of the company managed to almost halve its loss to $23.1 million despite a 25% decrease in sales.
On the retail segment, Rompetrol increased its operating profit by almost 350% to $7.4 million, while sales were on a negative trend. The total volume of fuels sold in the first quarter was nearly 250,000 tons, a slight decrease compared to the same period of 2012.
Rompetrol Petrochemicals, the petrochemical unit of Rompetrol Rafinare, reported a 20% lower turnover at nearly $57 million in January-March.
The financial statements of Rompetrol Rafinare include the results of Rompetrol Rafinare S.A. and of the subsidiaries Rompetrol Petrochemicals S.R.L., Rom Oil S.A., Rompetrol Downstream S.R.L., Rompetrol Quality Control S.R.L. and Rompetrol Logistics S.R.L. (together with the subsidiary Rompetrol Gas S.R.L.). The results are non-audited and consolidated, and have been reported according to the International Financial Reporting Standards (IFRS).
On the Bucharest stock market Monday, Rompetrol Rafinare closed down 0.6%.