Petromidia losses down 1,500bn ROL

Rompetrol Rafinare Petromidia’s losses fell from 1,823.5bn ROL to 329.8bn ROL (about 9 million euros) in the first half, while turnover progressed by more than 22% to 16,107.1bn ROL (440 million euros). The report of auditors Deloitte & Touche Romania shows the losses accumulated by the company in the last few years to reach 7,924.9bn ROL, while short-term debts outrun short-term assets by 6,273.01bn ROL. Petromidia’s net debts to the state budget were in sum of 11,557.4bn ROL in late June, in addition to the penalties not registered throughout January 1 – June 30, 2003. Rompetrol’s penalties had come to total 5,128.9bn ROL by the end of 2002. According to the document, penalties were not calculated for the first half this year. The report also specifies the representatives of the management and of the state are now in talks over extinguishing the fiscal arrears-related debts. A possible failure to reach an agreement amicably may seriously impact on Rompetrol Rafinare’s operations. The company is listed on RASDAQ and has last traded for 40,500 ROL/share. ZF