Romanian Rompetrol Rafinare ends H1 with USD 18 mln profit

Rompetrol Rafinare, part of KMG International, registered a consolidated net profit of some USD 18 million in the first half of the year. The company recorded a loss of USD 46.9 million in the same period of 2014. Meanwhile, the gross turnover decreased by 29% year-on-year, due to the drop in international quotations on oil products. The company ended the second quarter of 2015 with a profit of USD 18.4 million, compared to a loss of USD 20 million reported for the same period the year before. Rompatrol Rafinare’s consolidated operational result (EBITDA) amounted to USD 56 million in the first half of 2015, double compared to the result posted for the same period the previous year. In the second quarter, the EBITDA reached USD 67 million. “The positive evolution of company indicators was supported by the quality of feedstock processed in H1 2015 in Petromidia, Vega and petrochemicals (that is 11% more than in H1 2014) and by decreasing processing costs, increasing yields, improving technological processes and increasing the sales of the finite products by 10% comparing to the same period of 2014,” reads a company statement. Petromidia refinery processes some 15,000 tons of feedstock per day, 7% more compared to the 13,800 tons per day in 2014. Rompetrol’s Rafinare’s exports went up by 12% year-on-year in the first half of 2015, to over USD 763 million. The company is one of the biggest contributors to the state budget, paying over USD 678 million in H1 2015, of which USD 389 million in the second quarter. Irina Popescu, irina.popescu@romania-insider.com