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Nov 16, 2017 17:35 EEST
BUCHAREST (Romania), November 16 (SeeNews) – The net profit of Romanian oil pipeline operator Conpet [BSE:COTE] rose by 11.2% on the year in the first nine months of 2017, reaching 63.1 million lei ($16.1 million/13.6 million euro), the company said on Thursday.
Turnover edged down 0.1% on the year to 282.5 million lei during January-September, Conpet said in a statement filed with the Bucharest Stock Exchange (BVB).
Operating revenues rose 0.9% to 308.1 million lei in the nine months through September, while operating expenses fell 1.8% to 235.8 million lei.
The volume of oil, rich gas, ethane and condensate carried by Conpet during the first nine months dropped by 4.3% on the year to 5.01 million tonnes, due to decreased demand for transport service to the oil refineries.
Conpet plans 64.26 million lei total investments in 2017, of which it has invested 64% in the first three quarters.
In the nine months through September, the investment programme targeted continuation of the rehabilitation of the major pipelines for transport of crude oil and rich gas and the works on installations and equipment related to the national transport system.
Conpet carries domestic and imported crude oil, rich gas, ethane and condensate through pipelines and by railway tankers to refineries in Romania and the Balkan region. It operates a 3,800 kilometre network of oil pipelines across the country.
Conpet is part of the BVB's blue-chip BET and BET-TR indices.
The company shares traded 0.61% lower at 98.4 lei as at 1547 CET on Thursday.
(1 euro = 4.6387 Romanian lei)
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