Oil Terminal Posts 93% Drop in Net Profit in 2018

Romanian oil storage and shipment firm Oil Terminal Constanta (OIL.RO), majority owned by the Romanian state, posted a 93% annual drop in net profit in 2018, tyo RON318,000, the company said Wednesday.

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Its turnover dropped 7.6% on the year in 2018, to RON146 million.

The company's long term debt grew 16.3% compared with 2017, as the company extended a credit line for investments.

Oil Terminal is 59.62% owned by the Romanian state through the Energy Ministry, 15.5% is held by Valentin Dumitrescu, and the remaining 24.7% of the share capital is distributed among investors on the stock market.

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