Rompetrol Rafinare estimates net profit to stand at 13.2 million dollars in 2006, almost five times lower in dollars than in the previous year, as shown in the 2006 budget its shareholders approved last week.
The company posted 186.35 million RON (63.95 million dollars) in net profit in 2005, while turnover reached 5.792 billion RON (1.98 billion dollars).
Most of last year''s profit, that is 177 million RON, will be used to cover the losses made in the previous years and the rest will be set aside for reserves as required by the law.
The financial data centralised by the Bucharest Stock Exchange show the company logged one billion RON losses in 2003, while losses in 2002 amounted to 369.5 million RON. Rompetrol Rafinare made 31.3 million RON profit in 2004.
The 2006 budget projects a 2.43 billion-dollar turnover and a pre-tax profit (EBITDA) of 80.55 million dollars. Net profit is estimated to reach 13.21 million dollars.
This year''s investment programme comprises projects worth a total of 141 million dollars, out of which 58.25 million dollars are investments carried over from the previous years.
Rompetrol Rafinare is the main subsidiary of the Rompetrol group. Rompetrol Group Netherlands owns 50.59 percent in Rompetrol Rafinare, while a significant shareholder is Rompetrol Financial Group, with a 15.75 percent stake. Another company of the Rompetrol Group, Rompetrol SA, controls 9.14 percent in Petromidia refinery.
On the other hand, Rompetrol Well Services, the petroleum service division of the Rompetrol group posted net profit worth 6.4 million RON, almost nine times higher than in the year before (725,000 RON), its filing with the Bucharest Stock Exchange shows.
More than half of the profit, that is approximately 3.7 million RON, will be used to cover some of the accounting losses of the previous years.
Rompetrol Rafinare
* Anticipates 2006 profit to stand at $13.2m
* 2005 profit amounted to 186.35m RON ($63.95m) and turnover reached 5.792bn RON ($1.98bn)
* Projected 2006 turnover: $2.34bn, projected EBITDA: $80.55m
* Investments planned for this year amount to $141m.
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