RCI sees Romania's OMV Petrom Q3 net profit down 26% y/y

RCI sees OMV Petrom's nine-month net profit at 2.901 billion lei. Blue-chip OMV Petrom reported a 2.92 billion lei net profit for the first nine months of 2011.

The company will release its third-quarter and nine-month results on November 7.

RCI sees the company's sales reaching 19.545 billion lei in January-September. In the third quarter alone, sales are seen falling by an annual 23% to 7.343 billion lei, RCI said in a preview of OMV Petrom's third-quarter results.

"[..] for 3Q we expect strong refining margins. We see additional upside for the G&P [Gas & Power] segment from the start of operations of the 860 MW power plant."

"The increase in crude prices and higher levels of stored gas led to unrealized profits of EUR 60 mn, reflected in the clean CCS EBIT [earnings before interest and tax], which erase part of the positives recorded per each segment," RCI added.

Blue chip OMV Petrom's shares closed 0.78% up at 0.4125 lei on the Bucharest Stock Exchange on Thursday.

RCI's target price for the stock is 0.52 lei.

(1 euro = 4.5344 Romanian lei)