Petrom makes one year's profit in three months

Petrom posted an 807 million-RON (196.3 million-euro) net profit in the first quarter of the year, nearly 2.5 times higher than in the similar period of last year, while sales of the petroleum and gas producer went up by a mere 2%, to 3.93 billion RON (957 million euros).
The company reports results according to international accounting standards as of this year, with Petrom’s net profit in the first three months of 2010 being more or less equal to that recorded by the company in the whole of 2009.
Despite an unfavourable market progression, the rise in the price of fuels, – by 28% for petrol, and by 24% for diesel oil, the rise in the price of petroleum – by 72%, as well as cost cutting measures saw the company perform much better in the first three months of the year against the similar period of last year.
The positive results were reported even amid a 4% lower production of hydrocarbons and amid 22% lower sales of petroleum products, especially because of lower commercial sales.