Oil Terminal, the only Black Sea oil terminal, reported net profit of 4.5 billion lei, lower as compared to the 6.3 billion lei posted during the similar period of last year.
The drop was registered despite the rise in turnover from 117 billion lei, during the first half of last year, to 138 billion lei this year. The increase in turnover was 18.2 percent lower than monetary depreciation posted during this period.
The company’s results will be characterised by a modest level as long as the company continues operating at a point that is far from the maximum transport and storage capacity.
Total output expenses came to 130 billion lei, while financial expenditures amounted to 5.6 billion lei. Oil Terminal has a share capital worth 152.8 billion lei, a level a little below the demand of the Stock Exchange, of 8 million euros, for a company to be included and maintained within the first tier, where the stock of this company is currently traded.
The company has to bring the share capital to the level required by the Stock Exchange by the beginning of year 2001.
Oil Terminal’s significant shareholders are SOF, with a stake of 61.395 percent in total stock and Broadhurst investment fund, holding a stake of 11.66 percent in the share capital. The company’s management planned for this year an increase in net profit to 5.6 billion lei, a level higher than the double of the 2.5 billion lei posted in 1999.
Oil Terminal stock closed last week at a price of 380 lei per share, only 30 lei higher than the minimum of the last year of trading, of 350 lei per share.