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OMV subsidiary Petrom sees profit and turnover tumbling

By Thomas Hochwarter

OMV subsidiary Petrom reported a drastic fall in net profit and turnover for the third quarter of 2009 today (Tues).

The firm � Romania�s largest oil company � said profit was down two per cent in the period year on year while turnover had shrunk by 25 per cent.

Net profit was down, too, as it made 143.3 million Euros (615 million lei) in the third quarter, compared to 145.9 million Euros (626 million lei) in the same period of 2008, officials said, according to the Romanian Times. They added that net turnover had reached 2.21 billion Euros (9.5 billion lei) in the first nine months � a 27 per cent drop from 3.03 billion Euros (13 billion lei) in the same period a year earlier.

The news comes on the same day as Austrian oil and gas producer OMV � who hold a 51-per-cent stake in the Romanian company � announced tumbling profits for the first three quarters of the year.

OMV chief Wolfgang Ruttenstorfer said the firm�s profit fell by 70 per cent year on year to 468 million Euros while turnover dropped 34 per cent year on year to 13.123 billion Euros during the first nine months of 2009.

Earnings before interest and taxes (Ebit) fell 23 per cent year on year to 553 million Euros in the third quarter of 2009, he added.

Austrian Times

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Ruttenstorfer largest Petrom quarter Romania Austrian producer Euros tumbling drastic profit shrunk turnover HochwarterOMV billion stake taxes reached Earnings Ebit

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