Romania's Petrom 1Q Net Profit Doubles To RON977M

Romania’s largest vertically integrated oil company Petrom SA (SNP.RO) said Wednesday its first quarter net profit more than doubled to 977 million lei (EUR1=RON3.6506) from RON381 million a year earlier, on higher oil prices and positive restructuring results.The company, which is majority-owned by Austria's OMV AG (OMV.VI), posted RON3.72 billion in first-quarter turnover, up 35% from RON2.75 billion in the corresponding period in 2007 due to higher oil prices.“The strong ...

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