English
The Rompetrol Group NV (TRG) posted in Q1 2007 a turnover approaching 1.24 billion USD and an EBITDA of 41 million USD, 36% above estimates, compared to the 8 million USD reported for the similar period of 2006, according to preliminary financial results.
Rompetrol Rafinare marked in Q1 a significant rise of consolidated turnover to USD 664 million, rising 32% from the same period last year. The rise was fueled by the expansion of retail and petrochemical business and improved use of refining capabilities.
EBITDA scored remarkable progress over the first three months, reaching USD 28 million vs. the USD 2 million posted in Q1, 2006.
"The refining market as a rule is weaker in Q1, because consumption is low during winter. On these grounds, budgeted EBITDA for Jan-Mar was USD 11.7 million, and we"re happy to have surpassed the target and have a two-fold rise of said financial indicator", said Adrian Petruş, TRG Vice-President.
Due to adverse conditions in the petrochemicals market and continued high utility costs, the company reported a consolidated loss of USD 3 million in Q1 2007, compared to 23 million USD loss in Q1 2006.
The mentioned net result includes USD 8 million cost coming from the depreciation of the USD (currency of TRG and subsidiaries" consolidated reports) against the EUR and RON.
The refinery continues to be a major taxpayer, with a contribution totaling close to USD 210 million in Q1, 2007, up 50% compared with Q1 2006.
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