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Financial results for the 3rd quarter reflect continued development of Petrom

  • Net income up to RON 805 mn RON (228 mil EUR) resulting in cumulative income for the first nine months of RON 1,406 mn (EUR 389 mn) , on the background of a strong market
  • Significant increase of EBIT to RON 895 mn (EUR 254 mn), with a cumulative value at September 30 of RON 1,755 mn (EUR 486 mn).

Petrom, the leading oil and gas producer in South-Eastern Europe shows continued performance in the third quarter of the year 2005. The net income in the third quarter reached 805 mn RON resulting in cumulative net profit for 9 months of 1,406 mn RON. EBIT (earnings before interest and tax) recorded significant growth to 895 mn RON showing an EBIT at September 30 of 1,755 mn RON. The turnover increased up 26% in the third quarter, to RON 3,252 mn (EUR 923 mn), with the total turnover for the first nine months amounting to RON 7,865 mn (EUR 2,174 mn). The results reflect the changes in the accounting system, an improvement in the efficiency and cost management in business dealings, as well as the favourable external environment.

Petrom CEO Gheorghe Constantinescu: „Petrom is on the road towards modernization and more efficiency, which will secure a stable future and a continued leading position in the oil and gas business in South Eastern Europe. The implementation of modern management systems, alignment to international standards and centralization are at the core of the company’s operations, and represent the key priorities. Modernization and well-targeted investments have shown effect, as did favorable market conditions, however the company needs further strengthening in order to further improve the market position. We are still lacking behind in some key performance indicators. However, we have set very ambitious targets for 2010 and we will capitalize on our current success.”