November 25, 2017

Petrom Posted 520 Million Euros Profit

In the second year of recession the biggest company in Romania posted a 2.5 times higher net profit than in 2009.  And it is all thanks to fuel becoming more expensive, although fuel demand fell 5%. OMV Petrom (SNP), the only local producer of oil and gas controlled by Austrian petroleum group OMV, reported 18.6 billion lei (4.4 billion euros) in sales last year, up 16% against 2009. The biggest leap has been recorded by the company’s net profit, which reached around 2.2 billion lei (521 million euros), 163% more than in the previous year. The difference was made by the fact that fuel became more expensive amid an increase in international prices and amid the company’s cost-cutting measures, the most important of which was the closure of the Arpechim refinery.

Source of the news: Ziarul Financiar (Read More)

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