Rompetrol Rafinare (Petromidia) reported losses standing at $23 million in the first quarter of this year, after having posted income worth $40.3 million in the corresponding period of last year.
It came back into the black in April, with a profit of around 1.3 million dollars, 92% below the level hit in April 2005. The company”s revenues rose by 7% in the first quarter, from 469 million dollars, to 504 million dollars, the company announced.
The company also made its April figures public, with revenues standing at 186.3 million dollars, 22% higher compared with April 2005.
Thus, Rompetrol Rafinare in the first four months of 2006 derived consolidated turnover worth 690 million dollars, 68 million dollars higher than the value reported during January-April 2005 period, reads a statement issued by the company.
The financial performance of the first quarter was mainly triggered by market conditions, Rompetrol considers.
“This (the financial performance i.e.) was triggered by a considerable decrease in refining margins, in the wake of the constant rise in oil prices and a relatively stable level of prices at the pump, coupled with a lower fuel consumption domestically, during winter months,” reads the release.
Fuel distribution activities generated revenues worth 223.7 million euros during the first quarter, up 9% from the level reported during the similar period of 2005. A further 86.3 million dollars were added in April 2006.
Since the beginning of the year, losses posted on the distribution segment have amounted to 11.7 million dollars, of which 5.4 million dollars in April alone.
Losses seen along the refining segment during January-March period stood at 14.2 million dollars, following income worth 41.4 million dollars in the first quarter of 2005. The refining activity was more profitable in April, with the company registering net income worth 7.6 million dollars.
Rompetrol Rafinare
* Returned to profit in April, with net income worth around 1.3m dollars, 92% below the level of April 2005
* Registered 7% higher revenues in Q1, from $469m to $504m
* Posted consolidated turnover of $690m in the first four months of 2006, $68m higher than in the same period of last year.