Romanian Rompetrol Rafinare '08 Losses Up 130% Y-Y, To $267M

Romania’s Rompetrol Rafinare (RRC.RO), the refining unit of the country's second-largest oil company Rompetrol Group NV, posted $266.8 million in consolidated losses in 2008, more than double compared with $116.2 million in 2007, the company announced Thursday.

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The company's turnover rose by 42% to $4.68 billion in 2008, from $3.3 billion a year earlier.

The revenues increase was due to an increase in the processed raw material quantities by 18%, to 4.5 million metric tons.

Rompetrol Rafinare refined in 2008 around 4.2 million tons of crude oil, compared with 3.7 million tons in 2007, a company's press release said.

The company's EBITDA significantly decreased in 2008 to $35.9 million, from $136.4 million in the previous year.

The financial results were strongly influenced by the global financial crisis, the crude oil international prices, and the leu depreciation against both the US dollar (14%) and the euro (10%), Rompetrol said.

In the fourth quarter alone, Rompetrol Rafinare had a turnover of $916 million, 7% lower on the year, and a net loss of $147.8 million, 42% higher than in the fourth quarter of 2007.

On the distribution segment, Rompetrol Rafinare reported a turnover of $2.5 billion in 2008, or 37% higher on the year. Rompetrol had 450 gas stations at the end of the year.

In 2008, the petrochemical activity registered a 36% higher turnover on the year, at $360 million, but it reported $88.7 million in losses, more than triple compared with $27.9 million in 2007

In the refining business, the company registered losses of $164.4 million in 2008, up 90% on the year. Rompetrol Rafinare's turnover from the refining operations rose 44% on the year, at $4.2 billion.

The distribution segment also switched to a loss of $6.9 million in 2008, after a net profit of $8.2 million in 2007.

The consolidated results of Rompetrol Rafinare include the results of Rompetrol Rafinare and its subsidiaries, namely Rompetrol Petrochemicals, Rom Oil, Rompetrol Downstream, Rompetrol Logistics, Rompetrol Gas and Eurojet.

The results are preliminary, un-audited, consolidated, and according to International Financial Reporting Standards.

On the Bucharest Stock Exchange Thursday, Rompetrol Rafinare shares rose 3.17% on the day to RON0.026 a share.

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