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Petrom's financial results for 2005 reflect a profitable year

  • Net profit above budgeted figure
  • Lower results in Q4/05 following Petrobrazi turnaround
  • Petrom will restart to pay dividends

Petrom, the largest oil and gas producer in South Eastern Europe, has obtained positive financial results for the year 2005, which will contribute to the fulfillment of the company‘s strategic objectives. Net income significantly increased to RON 1,416 mn (EUR 391 mn), as well as the EBIT which turned positive in 2005, amounting to RON 1,884 mn (EUR 520 mn). Turnover of the company grew by 24% compared to 2004 and reached the value of RON 10,760 million (EUR 2,970 million).

“Petrom has successfully come to the end of the first year after the closing of the privatization process. It was a profitable year for the company, regarding both the financial results as well as its achievements. The modernization process was started to increase the company efficiency and to improve its financial position and was carried out in all business segments with stimulating results. Nevertheless, our main concern remains to close the gap to international industry standards so that we can secure the company’s competitiveness on the international oil & gas market” said Mr. Gheorghe Constantinescu, Chief Executive Officer of Petrom.