The company’s consolidated turnover reached $2.27 billion in January to June, down 6% from $2.42 billion in the similar period of 2011.
“Considering the lower demand for oil products on domestic and international market and consequently in the margins and [sold] volumes…, the company registered a decrease of its operating result (EBITDA), from a positive level of $49.3 million in the first semester of 2011 to a negative level of $29 million,” Rompetrol Rafinare said in its financial statement.
It said the financial results were also seriously affected by “a series of factors independent from its activity,” such as the significant decrease of the refining margin (down by 71%, from $51.1/ton to $14.8/ton in January-June 2012), the foreign currency exchange rate (+14% for RON/USD, +5% for RON/EURO) or the costs necessary to ensure the working capital.
The company said the results are unaudited and according to the International Financial Reporting Standards (IFRS). The consolidated financial statements of Rompetrol Rafinare include the results of Rompetrol Rafinare S.A. and those of the subsidiaries Rompetrol Petrochemicals S.R.L., Rompetrol Quality Control S.R.L., Rom Oil S.A., Rompetrol Downstream S.R.L. and Rompetrol Logistics S.R.L. (together with the subsidiary Rompetrol Gas S.R.L.).
The Rompetrol Group is owned by Kazakh national oil company KazMunayGas.
On the Bucharest stock market Friday, Rompetrol Rafinare gained 4.7% amid a declining market.