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Romania’s Petrom Sees 09 Net Pft Up 8.6% At RON1.11B

Romania's largest oil company Petrom (SNP.RO) estimates its net profit will rise to 1.11 billion lei (EUR1-RON4.2290) in 2009, up 8.6% compared with RON1.02 billion in the year earlier.
Romania's Petrom Sees 09 Net Pft Up 8.6% At RON1.11B
29 apr. 2009, 10:16, English

However, Petrom’s gross profit is seen down 17%, from RON1.6 billion to RON1.32 billion in 2009, according to the company’s budget published Wednesday.

Petrom forecasts its turnover will fall 33.6% in 2009, from RON16.75 billion to RON11.12 billion.

The company’s EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortization) is also seen down at RON2.22 billion, from RON3.57 billion in 2008, according to the budget that was approved Tuesday by Petrom’s shareholders.

Petrom’s majority shareholder is Austria’s OMV (OMV.VI) with a 51% stake, while Romania’s Economy Ministry holds a 20.6% stake, and Proprietatea Fund owns 20.1% of the company’s shares.

The shareholders approved Tuesday Petrom’s management proposal to not pay any dividends for 2008 financial year.

The company will have a RON4.73 billion investments budget in 2009, down 26.2% on the year.