Romania OMV Petrom 4Q Net Loss Narrows To RON171M

In October to December, Petrom’s earnings before interest and taxes, or EBIT, were at RON38 million, significantly below RON705 million in the third quarter. In the fourth quarter of 2008, Petrom reported a negative EBIT of RON1.2 billion.

„Q4/09 EBIT was slightly positive and well above the level of Q4/08, which was negatively impacted by one-off items and a sharp oil price decline; Q4/09 was the second quarter since privatization with negative net profit due to FX losses and interest expenses,” Petrom said in a statement.

Petrom was privatized in 2004 and became part of Austria’s oil and gas group OMV.

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Earnings before interest, taxes, depreciation and amortization, or EBITDA, were at RON575 million in the last quarter of 2009, compared with a negative result of RON664 million in the same period a year before.

Petrom posted a net turnover of RON3.39 billion in the fourth quarter, down 10% on the year.

„Total marketing sales decreased in line with market by 21% in Q4/09 compared to Q4/08, mainly driven by lower export sales and due to the challenging Romanian economic environment,” Petrom said.

For the whole year, Petrom reported a net profit of RON1.37 billion, up 34% from RON1.02 billion in 2008.

Full-year EBIT was down 9% at RON1.2 billion, while EBITDA fell 17% to RON2.95 billion.

Petrom’s net turnover was at RON12.84 billion in 2009, 23% lower from RON16.75 billion a year earlier.

„Despite the worsening economic environment, 2009 marked the achievement of several milestones. In E&P, several key projects were put on stream. We commissioned the new gas processing plant in Midia, successfully started production at the Komsomolskoe field in Kazakhstan and at two offshore wells in Romania and we maintained the domestic reserve replacement rate at 70%,” the company’s chief executive Mariana Gheorghe said.

Petrom invested some RON4.15 billion during 2009, down 35% on the year.

At the end of December, Petrom employed 27,470 persons, down 18% from 33,311 a year earlier.

The results are un-audited and prepared according to Romanian accounting standards.

Petrom closed Wednesday at RON0.282 a share, up 0.7% on the day, in Bucharest.