The FINANCIAL — Rompetrol Rafinare, a member company of The Rompetrol Group, has continued to improve its consolidated net profit in the first 9 months of 2013, by 25% decrease in net loss as compared to the same period last year, according to Rompetrol.
Therefore, it reached USD 86.11 million, by reference to USD 114.99 million in the same period of 2012 and followed the positive trend in the first semester of 2013 by 40% decrease as compared to the same period of previous year, when recording a negative value of USD 78.43 million.
In quarter III of 2013, Rompetrol Rafinare reached a consolidated gross turnover of USD 1.44 billion, recording an increase by up to 25% as compared to quarter III of 2012, whereas during the first nine months it maintained a level similar to the same period in 2012, i.e. USD 3.41 billion.
The main factors causing the improvement of the consolidated financial results of Rompetrol Rafinare were the increase in the usability of Petromidia refinery at 92.90%, an increase by 13.46% as compared to the same period last year, once with the operation thereof at the maximum capacity of 14,000 tons a day in May-June and September 2013.
Following an extensive program of modernization and increase of the processing capacity to 5 million tons per year, supported by The Rompetrol Group and its sole shareholder, KayMunazGas, refinery plants are operated to the highest performance standards in accordance with the commitments undertaken on compliance of environmental protection rules. Petromidia Refinery is the first in Romania to receive the Integrated Environmental Authorization, after having completed the transition period in view of aligning with the European standards in the field.
Although the company's consolidated financial results have improved, they continued to be adversely affected by hostile market conditions, which resulted in a 61% decrease in the differential between Brent and Urals crude oil from USD 0.96/bbl in the first nine months of 2012, to USD 0.37/bbl for the same period in 2013, as well as a decrease in quotes for major oil products obtained. Quotations have declined on average by 4% for gasoline and diesel, against a EUR/USD exchange rate decrease by 3%, according to Rompetrol.
The distribution segment was positively influenced by a significant increase in wholesales by 63% in quarter III of 2013, and further optimisation of sales channels and cost reduction programmes. The distribution segment includes the results of Rom Oil, Rompetrol Downstream, Rompetrol Quality Control, Rompetrol Logistics and Rompetrol Gas subsidiaries.
Rompetrol Petrochemicals’ financial results were positively influenced by the good margins for petrochemicals, as the company is the sole producer of polymers in Romania. In the first nine months of 2013, the operating result (EBITDA indicator) supported by these quotations, reached a positive value of USD 3.72 million. Still in the first 9 months of 2013, net loss was reduced to half the amount, to USD 8.5 million from USD 16.19 million, in the same period last year.
Rompetrol Rafinare S.A. continued to be a major contributor to the Romanian State budget, paying USD 997 million in the first 9 months of 2013, according to Rompetrol.
Rompetrol Rafinare S.A. recorded a negative net result amounting to USD 78.31 million, after the first nine months of 2013, a better result by reference to the same period of 2012, when the loss amounted to USD 88.56 million.
The gross turnover of Rompetrol Rafinare amounted to USD 3.026 billion in the first nine months of 2013, recording a decrease by 5% by reference to the same period of 2012, due to a decrease of international prices of oil products and a production outage of Petromidia refinery during March-April 2013.
Rompetrol Petrochemicals is the sole polypropylene producer in Romania, and has since 2010 also been the sole polyethylene producer, the company thus managing to constantly increase its market share. The company has an annual production output of more than 200,000 tons of polymers (polypropylene, low and high density polyethylene), according to Rompetrol.
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