OMV Petrom (SNP), the biggest company on the Romanian market,has been affected by the revaluation of Kazakh assets and by thesignificant losses linked to the loans in dollars granted to theKazakh subsidiary, posting as a result 116 million RON (27.6million euros) in losses in the third quarter of the year.
The loss is considered by analysts to be a negative surprise,especially considering that the announcement comes after a profitof 719 million RON (171 million euros) in the second quarter of theyear and a 632 million-RON profit in third quarter of 2009.
"Petrom had a mixed quarter. While on the clean operating levelsthe result is above our forecast, we believe the 100 million RONreported loss (after minorities i.e.) could surprise the marketnegatively," says Tamas Pletser, oil and gas analyst at ING.
Petrom stock ended yesterday's session with a 1.5% decline amid 7.7million-RON transactions, higher than usual. Since the beginning ofthe year SNP stock has risen by 32%.
The ING analyst adds that the loss was largely driven by the 455million-RON financial losses due to the significant appreciation ofthe RON against the dollar and to higher interest costs, while theimpairment at the Kazakh subsidiary (441 million RON) affected theEBIT negatively.
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