Oil Terminal, 1 year's worth of profit

The gross profit made in Q1 by the oil products reception, storage and shipping company Oil Terminal Constanta actually matches the level the management had set for the entire 2003. Oil Terminal’s 2003 budget in January anticipated gross profit to be worth 22.8bn ROL, while the first quarter results show the net profit to have reached 21bn ROL. Oil Terminal’s financial results for 2002, however, show it to have posted Q1 profit higher than in the rest of the year, which means that all in all, the last three quarters were actually a time of losses. At any rate, the release of the Q1 financial results only resulted in a slight increase in the company’s Stock Exchange quotation. The 15.5bn ROL ($0.46 million) net profit was actually 20% lower in real terms compared to the one in the same time last year. Turnover amounted to 224bn ROL ($6.7 million), up 20% from the corresponding period of 2002, if calculated in dollars. ZF