Petrolexportimport profits shrink

Petroleum product trader Petrolexportimport last year made net profits of 0.62 million euros, down more than 61% on the previous year. It posted a 42.3 million euro turnover, up 9% on 2003. Although net income was lower than in 2003, Petrolexportimport still managed to exceed its budget forecasts for last year, both in terms of profit and turnover. The profit drop was due to the increase in operating expenses, especially those related to commodities. Core business-related expenses rose by 10% to 41.6 million euros in 2004. Petrolexportimport used have a monopoly over import and export activities of petroleum products on the Romanian market, but has shifted its focus to the domestic market in recent years and no longer has any import-export operations. The bulk of its turnover is currently derived from the diesel business. It is also the most important supplier in Romania of additives for petroleum products. Petrolexportimport was established in 1948 and had exporting of petroleum and all petroleum derivates as its core business. ZF