Romania's Rompetrol Rafinare Swings to Profit in Q3

Romania's Rompetrol Rafinare [BSE:RRC] said on Friday itturned to a net profit of$5.2million (4.2 million euro) in the thirdquarterfrom a loss of $7.7 million a year earlier,while turnover grew8.0% to $1.55 billion.

The positive result was dueto a 12% increase in thequantities of processed raw materials, to the optimisation ofthe fuel distributionchannels in Romania and to lower operatingcosts,Rompetrol Rafinare said in a statement.

In the first nine months of the year, the company's net loss halved to $41.8 million from $86.1 million a year ago.

Earnings before interest, taxes, depreciation and amortisationsurged 315% to$62.6 million in the nine months through September, while grossturnover rose 27% to $4.34 billion.

Rompetrol Rafinare is the refining unit of The Netherlands-based KMG International NV, formerly The Rompetrol Group, which is fully owned by Kazakh state-owned energy company KazMunaiGaz Group.

The results are consolidated and unaudited and are reported under the International Financial Reporting Standards.Rompetrol Rafinare’s consolidated financial statements includethe petrochemical activity and those of Rompetrol Quality Control S.R.L, Rom Oil S.A., Rompetrol Downstream S.R.L., Rompetrol Logistics S.R.L. and Rompetrol Gas S.R.L.

Source: SeeNews