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Nov 02, 2007 11:20 EEST
BUCHAREST (Romania), November 2 (SeeNews) – Raiffeisen Capital & Investment (RCI) on Friday maintained its "buy" recommendation on Romania' s refining and marketing company Rompetrol Rafinare (RRC) after RRC reported its net loss through Septebmer has doubled from a year earlier.
"We maintain our buy recommendation with a 12-month price target of 0.142 lei ($0.06/0.04 euro) per share on a non-diluted basis," RCI, the brokerage arm of Austrian banking group Raiffeisen in Romania, said in a statement.
RRC said on Thursday it had a net loss of $12.0 million (8.3 million euro) for the first nine months of 2007, double compared to the loss the company had in the same period in 2006, due to foreign exchange losses.
"The bottom line continues to be heavily affected by high financial expenses and ForEx losses," RCI said. Rompetrol Rafinare is the most important asset of The Rompetrol Group (www.rompetrol.com).
Shares in Rompetrol Rafinare traded at 0.112 lei per share at 0854 GMT on Friday, down 4.27% from the previuos close, in a 888,200 lei turnover.
(1 euro = 3.3416 Romanian lei)
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