Petrom, the biggest local company, posted 615 million RON (145.5million euros) in net profit in the third quarter of the year, down2% compared with the same time of last year, but 47.5% higher thanthe profit posted in the second quarter of 2009.
Actually, Petrom posted increases on all its lines of businessin the third quarter of the year compared with the second quarter."The contraction of the Romanian economy is estimated to alleviatein the last quarter of 2009. Still, the increase in theunemployment rate will cause social and political tension. Sucheffects will go away once the economy rebounds, which will probablyhappen in the second half of 2010. Additional funds of 3.5 billioneuros are needed to cover the budget deficit until the end of 2009.Any delay in the allocation of the next instalment of the IMF loancould lead to an increase in Romania's sovereign risk, and at thesame time put more pressure on the exchange rate," Petrom officialssay.
Petrom's business stood at 3.53 billion RON (835.3 million) inthe third quarter of 2009, 25% lower than in the same time of lastyear, but 22% higher than in the second quarter of 2009.
The nine-month profit of the petroleum and gas companycontrolled by Austrian group OMV stood at 1.53 billion RON (363.8million euros), down 33% compared with the same time of last year,while turnover reached 9.45 billion RON (2.2 billion euros), 27%lower.
Though the third quarter results were higher than the secondquarter figures, they were lower compared with the correspondingperiod of last year.
"Despite the unfavourable economic conditions, we posted goodresults in the third quarter. However, our cumulated results forthe first nine months were hit by the low oil price, by difficulteconomic conditions and by the deterioration of margins, amid thedecline of the industrial and trade sectors," says MarianaGheorghe, Petrom's chief executive officer.
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