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Petrom profit drops by 22 percent in 2007

Petrom Oil Co. ended 2007 with a net profit of 1.778 billion RON (1 euro =3.65 RON) by 22 percent less than in 2006, of 2.285 billion RON, because of weaker operation and higher tax on profit, company data say.

Petrom's operational profit decreased by 29 percent, because of the lower production level and the Romanian currency's appreciation, it stood at 1.965 billion RON. 'The company expected such results, despite the mixed impact of the volatile macro-economic environment and the rise in the crude price worldwide and in the procurement costs. During 2007, we succeeded to stop the production's decline and continued improving the operational efficiency, based on structuring programs and the investments in all the activity segments. A major achievement was the implementation of the SAP system and the setting up of a service center both for finance and the IT,' said Petrom CEO Mariana Gheorghe. Petrom continues to be involved in a far-reaching investment programme, due to go on till 2011, investments which a considerable profit growth is meant to rely on, Gheorghe stressed. Petrom's turnover dropped to 12.284 billion RON, namely by 6 percent in 2007 from 2006, mainly because of the lower sale prices and less exports in the R&M sector. That was partially compensated by the higher turnover of the methane production. The company's EBIT operational profit totaled 1.965 billion RON in 2007, when the tax on profit grew by 111 million RON, as a result of the removal in 2007 of the geological quota (a fiscal incentive granted till end 2006). Petrom paid 5.679 billion RON in taxes to the state budget in 2007, by 8.8 percent more than in 2006. Sursa: http://www.rompress.ro

Tags: profit billion percent petrom euro

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