Petrom: Net profit of RON 1.664 bln in Q1

Petrom has registered a net profit of RON 1.664 bln in Q1 of this year, almost twice larger than the net result of RON 887 M, registered in the same period last year, according to the financial results published yesterday by the company, Agerpres informs.

The net profit has risen on the backdrop of a larger operational result, partially balanced by the higher value of the profit tax. The profit tax has climbed by RON 237 M to RON 401 M in H1 of 2008. Petrom's fiscal contribution to the state budget has been significant, reaching a level of RON 3.135 bln, 42 per cent higher than the level registered in H1 of 2007. The profit tax - RON 401 M, the excise duty - RON 1.494 bln, the dues - RON 353 M and the VAT (RON 390 M) have represented approximately 85 per cent of the total taxes received in H1 of 2008. Petrom has registered an operational profit (EBIT) of RON 1.867, 98 per cent higher compared to the one registered in H1 of 2007. 'In H1 we have registered good results in the exploitation and production sector but also in the refining and marketing sector because of the development and hiking of energy efficiency in the last year and a half' the financial director pointed out.

The 52 per cent hike in Petrom's turnover has been determined mainly by the larger fuel sales (both the internal market and foreign market sales, both quantitatively and value-wise), Reinhard Pichler, the company's financial director, stated yesterday in a press conference. After the first half of the year the company turnover stood at RON 8.274 bln, 52 per cent larger compared to the one registered in the same period last year. 'The company's turnover has risen in the aforementioned period because of the larger fuel sales' Pichler pointed out.

In what concerns the taxes paid by Petrom, they stand at EUR 1 bln (RON 3.1 bln), of which RON 400 M representing the revenue tax, RON 1.4 bln representing the excise dues and RON 190 M representing the VAT.

The operational costs have grown by 40 per cent from the level registered in H1 of 2007, reaching a level of RON 6.614 bln, mainly because of the hike in the costs of raw materials, a hike determined by the higher oil prices, of the costs of sold merchandise, of the higher wage costs, but also because of the impact of integrating the activity of Petromservice in February this year. The provisions set up for litigations and for risks, the expenditures and the upward adjustment of physical and non-physical assets, adjustment caused by the higher investments, have represented another significant effect on the operational costs.

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