OMV Petrom Net Profit Rises 4% To RON841M In 1Q

05.11.2011 By Andrei Circhelan

Romania's largest oil company OMV Petrom (SNP.RO) Wednesday reported a net profit of 841 million lei (EUR199 million) in the first quarter, up 4% on the year, fueled by a 27% increase in sales on favorable crude prices.

The company's sales were at RON4.98 billion in January to March, compared with RON3.93 billion in the year-earlier period.

"During (the first quarter), we continued to benefit from the favorable crude price environment and the effects of previously implemented cost savings measures," Petrom chief executive officer Mariana Gheorghe said.

The price of Ural crude, which is used as reference in Romania, was 36% higher in the first quarter compared to the same interval of the previous year.

Earnings before interest and taxes, or EBIT, stood at RON1.19 billion (EUR282 million), up 26% on the year.

The company is owned by Austrian oil and gas group OMV.

Petrom shares closed Tuesday at RON0.4155, down 3.15% on the day. (EUR1=RON4.0885)