- High EBIT of RON 1,053 mn [EUR 296 mn] following the favorable price environment and improved operations
- EPS at 0.016 RON, three times the level of Q1/05 [0.005 RON]
Petrom, the largest oil and gas producer in South Eastern Europe, announces good results for the first quarter of 2006, which continue the rising trend of the previous year. The company net profit rose against Q1/05 level, reaching RON 881 mn [EUR 247 mn]. The favorable crude price environment and the higher sale volumes contributed to a growing earnings before interest and tax (EBIT) of RON 1.053 mn [EUR 296 mn]. The turnover reached the value of RON 3.126 mn [EUR 877 mn), by approximately 50% higher compared] to the results for the first quarter of 2005.
“The good results for the first three months of this year are in line with the company’s development; we are undergoing a development process, we are making considerable investments and we are taking all the measures in order to make Petrom a company functioning at European standards. We focus on the core activities, we continue the process of making the company more efficient and by the acquisition of the OMV filling stations network in Romania, Bulgaria and Serbia and Montenegro we have taken a big step in order to expand on the South-Eastern Europe market”, stated Gheorghe Constantinescu, CEO of Petrom.