Oil trade proves profitable

In the first half of this year, Petrolexportimport Bucharest derived net profit of 18.071bn lei, as compared to the 2.322bn lei gains registered in the same period last year, reads a company press release.

Actually, the most important company in the exports sector posted turnover of 118.6bn lei on the first semester. In the same period, the company posted total revenues amounting to 127bn lei and expenditures standing at 103bn lei. Gross profit came to 24.095bn lei.

In 1999, Petrolexportimport obtained 15.993bn lei in gross profits, against turnover of 109.5 billion lei. At the end of last week, the General Assembly of Shareholders (AGA) approved the balance sheet for the first half of this year, as well as the changes in the revenues and expenditures budget planned for 2000.

According to AGA, this year’s budget provides for net profit of 23.7bn lei and total revenues standing at 183.1bn lei, against turnover of 171.1bn lei.

At the same time, AGA approved the changes in the company’s shareholding structure, following the acquisition of the main stake from SOF (State Ownership Fund) by the company Laird Resources Ltd. Petrolexportimport has a share capital of 38.197bn lei, divided into 254.650 shares with a face value of 150,000 lei.

The company’s shares are traded on the Bucharest Stock Exchange and the last average trading price amounted to 75,000 lei/share.