Petrom net income doubles

Petrom, which is Romania’s largest company and market leader, saw its net income in ROL double for the first nine months of the year to a value of 2,266bn ROL (55.6 million euros). The Romanian company will be taken over by OMV Group from Austria at the end of the year. It had a turnover of 1.58bn euros (64,539bn ROL), up 22% in ROL and 10% in euros. The improved results came at a time when Petrom, together with other petroleum companies on the market, had increased fuel prices, following the high prices on international markets. Petrom’s results were also aided by the strong growth in natural gases price on the Romanian market. Petrom’s management puts the results down to the effects of the strategy implemented last year, which entails drastic cost cutting, increasing exports, lower imports and the divesting of any business not directly related to the core business of the company, namely petroleum and natural gas. ZF