Rompetrol Rafinare, the refining and retail arm of the second-largest oil group in Romania, said its gross revenues amounted to $1.09 billion in January-March, up 2% from $1.07 billion in the same period of 2011.
“The increase in gross revenues is mainly the result of higher international quotations for petroleum products although the volume sold decreased,” Rompetrol said in statement.
In the first quarter, the total throughput for refinery was 4.1% lower than in the same period of 2011, due to a low market demand influenced in January and February also by bad weather conditions, it said.
The company reported earnings before interest, tax, depreciation and amortization, or EBITDA, of minus $11.6 million, compared with a positive result of $46.1 million in the first quarter a year ago.
It noted refining margins remained very low throughout Europe. “If crude prices remain high and oil demand fails to rebound rapidly, we might see a prolonged period of refinery run cuts and probably further shutdowns, since capacity has expanded far too quickly.
Nonetheless, Rompetrol Rafinare continued the last phase of its capacity increase program for the Petromidia refinery, from 3.8 million tons/year, to over 5 million tons/year of processed raw materials. The investment program is to be finalized in the second quarter, the company said.
Consolidated financial statements of Rompetrol Rafinare include the results of the parent company Rompetrol Rafinare and its subsidiaries Rompetrol Petrochemicals, Rompetrol Quality Control, Rom Oil, Rompetrol Downstream, Rompetrol Logistics and Rompetrol Gas.
The company operates two refineries, a network of 758 gas stations, and is also a distributor of liquefied petroleum gas (LPG).
On the Bucharest stock exchange, Rompetrol Rafinare closed down 6.85% Friday.