OMV Petrom’s Net Profit Doubles To RON618M, Sales Rise 27% In 1Q/2017

Sales rose 27%, underpinned by significantly higher crude oil prices and higher volumes of natural gas and electricity sales which offset the slight decrease in quantities of oil products sold and the decline in natural gas prices.

Sales on the Downstream Oil segment accounted for 69% of overall consolidated sales, sales on the Downstream Gas segment accounted for 28%, and sales on the Upstream segment made up 2% (sales in Upstream being largely intra-group sales rather than third-party sales).

The group’s operating profit rose to RON798 million in January-March 2017, compared with RON346 million in the same period a year before, mainly due to higher sales revenue and to eliminating the tax on special constructions as of 2017.

The net financial result marks an increase in loss to RON56 million in the first quarter of 2017, from a loss of RON3 million in the same interval a year before. Thus, the earnings before tax (EBT) rose to RON742 million in January-March 2017, from RON343 million in the first quarter of 2016.

Investments declined to RON353 million in the first three months of 2017, compared with RON769 million in the same period in 2016, impacted by reduced investments in the Neptun Deep perimeter and by the completion of projects aimed at redeveloping deposits in 2016.

 

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