Harbour operator Oil Terminal Constanta concluded the first nine months of the year with net profits of 53.5bn ROL (1.3 million euros), twice the amount in ROL recorded in the same period last year. The positive trend in late September was due to the good results in the first half of the year, when net income year-on-year rose 85% in ROL, three times higher than initially estimated.
Oil Terminal's net profits for the nine months to end of September 2004 were around 24% higher than at the end of June.
Turnover reached 798.5bn ROL (19.3 million euros), an increase of 30.4% in ROL on the first nine months of last year. Compared with the first half of the year, turnover was 54.4% higher in ROL.
The company management says the higher results were due to its having provided services related to over one million tonnes more than budgeted for earlier this year in the first three quarters of the year. The company handled 8.3 million tonnes, 13% above its initial target. This naturally led to an increase in revenues.
"We estimate gross profits of 65bn ROL for the end of the year, since a series of investment programmes are being finalised and will be paid in this period. As to turnover, we expect to cross the 1,000bn ROL threshold," said Gabriel Daraban, Oil Terminal general manager. Oil Terminal last year generated 59.2bn ROL in gross profits and a turnover of 827.4bn ROL. Investment in the final quarter of the year will amount to 10bn ROL.
The company recently signed a contract with LukOil at the same time as the Russian group opened a refinery in Teleajan. This, together with the service programmes for Oil Terminal's "regular" customers, will have positive effects in next year's budget, which, according to the company management, will be sufficiently "bold" in terms of their forecasts for economic-financial indicators. "We expect at least 15% growth in turnover next year compared with this year," Daraban said.
The company's main customers are Petrom (through its Arpechim branch) Rompetrol Rafinare, Carom Onesti and LukOil. The contract signed with the Russian company is expected to account for a significant share in Oil Terminal's turnover. Currently, its most important client is Petrom (through Arpechim), accounting for 30-35% of Oil Terminal's turnover. Oil Terminal's results will continue to be influenced by the fate of Arpechim, given that the divestiture of Arpechim has been endorsed by Petrom's shareholders is likely to affect the revenues of the harbour operator.
catalin.ciocan@zf.ro
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