Results for January - September and Q3,2006
Good results and sustainable development in a rapidly changing environment
- EBIT up by 40% to RON 2,460 mn [EUR 694mn]
- Earning per share growth of 40% to RON 0.035
- Investments pick up by 124% to RON 1,561 mn [EUR 441 mn]
- The Board of Directors confirms the strategic targets for 2010
Petrom, the largest oil and gas producer in South Eastern Europe, reports improved results for the first nine months of 2006, despite the weakening and volatile environment in both upstream and downstream. Decreasing but still high crude quotations and continuously growing sales contributed to the 40% yoy rise of the EBIT to RON 2,460 mn [EUR 694 mn]. The investments continued to grow along this period reaching a peak in the third quarter with drilling activity and retail network expansion as main drivers.
Mariana Gheorghe, CEO: The first nine months of this year brought a visible improvement of the company’s evolution comparing to last year’s period.“Investments” is the key word for this period as their total value went up by more than 120% comparing to the value recorded in the first nine months of 2005. Petrom entered a new development stage as we strengthened the expansion and improvement of core business. In addition we are evaluating the possibilities offered by new fields of activities, such as biofuels.