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Romania's Rompetrol Rafinare cuts Jan-Sept net loss

Romania's Rompetrol Rafinare cuts Jan-Sept net loss Rompetrol Rafinare - Petromidia refinery

BUCHAREST (Romania), November 18 (SeeNews) - Romania's Rompetrol Rafinare [BSE:RRC] posted a $26.9 million (24.4 million euro) net loss in the first nine months of 2019, compared to a $33.3 million net loss in the like period of last year, strongly affected by the volatility of the profile market, it said.

Independent of the operational activity, the consolidated results were impacted by the market environment and the pressure of the gross refining margins, which in the first months of the year decreased substantially, from $51.3 per tonne to $37.6 per tonne, the company said in a statement filed with the Bucharest Stock Exchange on Friday.

Rompetrol Rafinare's consolidated operating result (EBITDA) fell by 36% on the year to close to $101.1 million in the first nine months of 2019.

Gross turnover decreased by an annual 6% to $3.9 billion during the review period, influenced by the lower market shares of petroleum products compared to those recorded in the same period last year.

Rompetrol Rafinare continued to be one of the main contributors to Romania's state budget, paying over $1.18 billion in the first nine months of 2019.

The company swung to a consolidated net loss of $23 million in 2018, from a $21 million profit in the previous year.

Rompetrol Rafinare is the core asset of Dutch-based KMG International, formerly The Rompetrol Group, which is fully owned by Kazakhstan's state-owned energy company KazMunaiGaz Group. Through its two oil refineries, Rompetrol Rafinare provides over 40% of Romania's refining capacity and is the only producer of polymers in the country.

Rompetrol Rafinare's shares last traded on the Bucharest Stock Exchange on Friday, when they closed flat at 0.0470 lei.

($ = 0.9068 euro)