Oil Terminal Constanta, the largest harbour operator in Romania posted net profit of 1.49 million euros (5.3 million RON) in the first quarter of the year, 8% higher than in the same time last year.
The company had budgeted 1.16 million euros in gross profit for this year. The turnover went up over 9% to 9.93 million euros (35.4 million RON). The growth was mainly due to exceeding the anticipated volume of operations scheduled for the first quarter, as well to petroleum retaining its high price.
The amount of freight that transited the harbour operator in the first quarter exceeded 3.71 million tonnes, higher than the forecasted level of 3.43 million tonnes. The two freight categories that go through Oil Terminal, which exceeded the levels anticipated by the largest margin, were the crude oil and petrol. The amount of crude oil to have transited Oil Terminal in the first three months was 2.2 million tonnes, accounting for nearly 60% of the total volume of operations, the quarterly report of the company shows.
The main client of the harbour operator for this period was the Arpechim Ploiesti refinery, owned by Petrom, which accounted for 31% in the total turnover.
Other significant clients are RAFO Onesti, LukOil Petrotel Ploiesti and Rompetrol Rafinare Constanta. The four refineries total 83% of Oil Terminal''s turnover.
The growth of profit was also helped by the reduction in the operating expenses by about 11% from the level budgeted in the first quarter. Operating expenses amounted to 8.16 million euros (29 million RON) in the first three months. Oil Terminal intends to achieve a 34.4 million euro (120.5 million RON) turnover in 2006, calculated at an exchange rate of 3.5 RON/EUR and a gross profit of 1.16 million euros (4.07 million RON). Results budgeted are lower than in 2005. The company posted 1.73 million euro (6.3 million RON) net profit last year, an increase of 35% compared with 2004.
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