Petromidia steps into the black

Rompetrol Rafinare Constanta – Petromidia (RRC), part of the Rompetrol group controlled by businessman Dinu Patriciu, generated net income worth 15.4m RON (4.68m euros) in the first half of the year, in line with Romanian Accounting Standards, compared with losses of 34.8m RON (9.8m euros) in the first half of 2006. Rompetrol Rafinare reached an income worth 37.3m RON (11.4m euros) in the second quarter, after ending the first 3 months of this year with losses of 21.8m RON (6.5m euros). However, the turnover of the company, which operates the Petromidia refinery, dropped by 8% against the first half of 2006, to 2.29bn RON (694m euros). On the other hand, consolidated figures, in line with IFRS, indicate a 16% turnover increase, to 2.53bn RON (766m euros) and a net income of 30.6m RON (9.27m euros). At a group level, Rompetrol reached turnover worth $2.79bn (some 2.06bn euros), up 3% against the same period in 2006. EBITDA rose by 83%, to $115m, 25% above the budgeted level. In addition, the group’s net H1 income hit $21m.