Petrom, the only petroleum and gas producer in Romania,controlled by Austrian petroleum group OMV managed to end 2009 witha 1.36 billion RON (326 million-euros) profit, 34% higher comparedwith 2008, mainly because of hedging.
Financial hedging instruments alone enabled Petrom to gain 524million RON (125 million euros), that is 40% of the net profit.Despite the profit rise, Petrom will propose its shareholders notto collect their 2009 dividends, after having done the same thingin 2008.
The business, however, was down to 12.8 billion RON (about 3billion euros), as the company's fuel sales, including exports,went down by 7%, with petrol and diesel being 3% and 14% cheaperthan in 2008, anyway. At the same time, the gas sales of thecompany fell 9%.
"We are seeing a year with greater challenges, at least as faras the fuel and gas business is concerned," said Mariana Gheorghe,chief executive officer of the company.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
