Romanian OMV Petrom Swings To 3Q Loss

In the third quarter of 2009, Petrom posted a net profit after minorities of RON642 million.

Petrom, the Romanian arm of Austria's OMV (OMV.VI), said third-quarter earnings before interest and tax, or EBIT, fell 62% on the year to RON336 million.

"The 3Q profit was negatively impacted by asset depreciation in Kazakhstan and by currency losses related to Petrom's loans in US dollars extended to its branches in Kazakhstan," said Mariana Gheorghe, Chief Executive Officer of Petrom.

The Urals crude price, the reference oil price for Romania, was 11% higher in the third quarter of 2010 compared to the same period a year earlier, Petrom said in its financial report.

Petrom reported consolidated sales of RON4.8 billion in the third quarter, up 6% on the year. The results are exclusive of excise duties on oil products.

The group said crude oil and natural gas production declined 1% on the year to 183,000 barrels of oil equipment a day in July to September, due to falling output on the Romanian market.

In January to September, Petrom reported a 46% increase in its net profit to RON1.41 billion, from RON964 million in the year-earlier period.

The group's EBIT was RON2.01 billion, up 41% on the year.

Petrom reported consolidated sales of RON13.15 billion in the first nine months, up 11% from RON11.86 billion in the same period of 2009.

Petrom's results are consolidated, unaudited and calculated according to IFRS.

On the Bucharest market Tuesday, Petrom closed up 0.3% at RON0.335 a share.

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