30m euro losses for Rompetrol Bucharest

Rompetrol Bucharest (Vega refinery), part of the Rompetrol group registered losses standing at 1,214 billion ROL (30 million euros) in the first half of this year. This is higher than the company’s turnover, which reached 1,082 billion ROL (26.7 million euros) in the first six months of this year. The company derived profit from its core activities, losses being exclusively generated by financial activities. Losses from financial activities, amounting to 1,229 billion ROL, were caused by “the adjustment to the market price of the value of financial assets and of patrimony stock”, according to the company’s report. This April, Rompetrol sold significant stakes in the stock of another company belonging to the Rompetrol Rafinare group (Petromidia) for a price most stock market analysts considered to be extremely low, 116 ROL/share. ZF