Romanian oil and gas company OMV Petrom on Tuesday reported its highest quarterly profit ever: EUR 275 million in the third quarter of this year. Its turnover during the quarter went up by 24 percent year-on-year, to EUR 1.4 billion. OMV Petrom made a loss during the third quarter last year.

The company's nine-month profit was of EUR 687 million, while its turnover grew to EUR 3.8 billion – an advance of 23 percent.

"Overall, in Q3/11 we continued to benefit from a favorable crude price environment and the positive effects fostered by our strict cost management programs and improved operational performance. […] In a still challenging economic environment, we continue our cost management initiatives and financial discipline to ensure sound operational performance and improved cost position even in a potentially deteriorated market environment,” said Mariana Gheorghe, CEO of OMV Petrom (in picture).

Read the full financial report here.

Corina Saceanu, corina@romania-insider.com