SNP (National Oil Company) Petrom, Romania's largest company, posted five-month turnover worth 28,190bn ROL ($854m) and gross profit of 921.7bn ROL ($27.4m). Turnover has increased in dollars as compared to last year, while gross profit dropped 2%.
SNP, the leading company on the domestic market, posted revenues worth some 34,604bn ROL in the above-mentioned interval ($1.04bn), accounting for a 17% increase in dollars as compared to the year-ago period. #leadend#
In the first five months of the year, Petrom has done very well on the foreign market, managing to increase exports by approximately 63%, up to 258 million euros in the EU area and to waive crude imports when prices had soared on the international markets. Petrom's strategy includes cheaper imports from the Caspian Sea area.
Moreover, the new general manager Gheorghe Constantinescu has recently announced an adjustment in the company's budget. Turnover is scheduled to go up to $2.3bn as compared to $2.2bn in 2002, whereas the original budget drafted at the end of last year stipulated $2.01bn turnover. Moreover, gross profit had been initially set at $74m for this year, down from last year's $101m, but now the company aims to earn at least as much as last year, according to Constantinescu.
To attain the new goal, the general manager has decided to change the company's management team, with the economic manager replaced several days ago. Other positions are targeted for the next period.
Petrom's privatisation is in full swing, as the privatisation ad is to be published soon. The privatisation consultant is the consortium comprised of investment banks Credit Suisse First Boston and ING Barings. The privatisation contact is scheduled to be signed by December 31, 2003.
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