Rompetrol Rafinare wants to halve loss this year in Romania

Romania-based Rompetrol Rafinare, a company of the Rompetrol Group, estimates it would post a loss of USD 87.2 million this year, down to half of the loss from 2010, according to a report sent to the Bucharest Stock Exchange, where its shares are listed. The company hopes to post a turnover of USD 2.6 billion in 2011, down almost 4 percent on last year. It also plans to invest USD 216 million this year. Rompetrol Group, owned by KazMunaiGaz, posted a net profit of USD 900,000 in the first quarter of the year, after posting losses in the last three years. Its turnover during this period reached USD 2 billion, up 29 percent. Its operational profit (EBITDA) was of USD 47.5 million, compared to a loss of USD 7.5 million during the first quarter of 2010. Rompetrol Rafinare, the refinery subsidiary posted a loss of USD 11.3 million, compared to a loss of USD 57.3 million in the first quarter of 2010. Its turnover went up to USD 1 billion, compared to USD 841 million in the first three months of last year. editor@romania-insider.com