Petrom's net pofit, balanced, considering economic crisis

Petrom's net pofit, balanced, considering economic crisis

The largest Romanian oil company, Petrom, reported, on Tuesday,  a net profit of 615 million lei in the third quarter of the year, slightly down from RON626 million in the same period of the last year, on a 25% lower turnover.

From July to September, Petrom's earnings before interest and taxes, or EBIT, rose 10% on the year to RON705 million. However, earnings before interest, taxes, depreciation and amortization, or EBITDA, fell 31% to RON1.14 billion.

Petrom, which is owned by Austria's OMV, posted a net turnover of RON3.53 billion in the third quarter, from RON4.73 billion in the same period a year before.

The results reflect lower oil prices and sales of commercial fuels and gas compared with the similar period of 2008, Petrom said in a statement.