Hedging saves a third of Petrom ptofit in Q1

Petrom, the largest Romanian company, having the Austrian company OMV as the majority shareholder, recorded a net profit worth 506 million lei in 2009 (118.5 million euros), that is a drop by 48 percent against the same interval in 2008, with almost a third of this amount representing the gain obtained from the oil price hedging as early as from 2008, Ziarul financiar daily reads on Monday.Without these financial instruments, the Petrom profit would have stood at only 329 million ...

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