Rompetrol switched to positive earnings before interest taxes depreciation and amortization, or EBITDA, of $50.8 million in the third quarter, from negative EBITDA of $6.7 million in the corresponding period of 2011.
“The financial results have been influenced by a significant increase in refining margins, from about $13 a ton in Q3 of 2011 to approximately $80 a ton in Q3 of 2012,” the company said in its financial report.
Rompetrol reported consolidated net revenues of $2.85 billion in January to September, down 8% on the year.
Rompetrol’s IFRS results are unaudited and include the results of Rompetrol Rafinare S.A. and those of its subsidiaries, Rompetrol Petrochemicals, Rompetrol Quality Control, Rom Oil S.A., Rompetrol Downstream, Rompetrol Logistics and Rompetrol Gas.
Broken down by core business, Rompetrol’s refining unit reported a net loss of $88.56 million in the first nine months, versus loss of $84.54 million in the same period a year ago.
Net revenues slid 3% on the year to $2.65 billion, largely due to lower sales of petroleum products. Total fuel output reached 3 million tons in January to September, down 4% on the year.
Rompetrol’s marketing unit posted a net loss of $26.4 million in the first nine months, slightly narrower compared to a loss of $26.8 million in the year-ago period.
The results were negatively affected by an 8% drop in sales volumes and lower commercial margins, the company said.
In the petrochemical sector, Rompetrol reported a net loss of $16.2 million in the first nine months, versus loss of $2.5 million in the same period of 2011. Net revenues in the segment fell 39% on the year to $179 million.
“The decrease is mostly due to lower quantities sold and also due to lower prices of petrochemical products in the third quarter,” Rompetrol said.
Rompetrol Rafinare is 43.47%-owned by Dutch-headquartered The Rompetrol Group, a unit of Kazahstan’s KazMunayGas. Romania’s Economy Ministry holds a 44.69% stake in Rompetrol Rafinare.
On the Bucharest bourse Wednesday, Rompetrol Rafinare closed down 1.56% at RON0.0315 a share.