Monday, November 17, 2008

Rompetrol Rafinare Third Quarter Loss Widens on Oil Prices

By Irina Savu

Nov. 14 (Bloomberg) -- Rompetrol Rafinare SA, Romania's second-biggest oil refiner, said its loss widened in the third quarter as oil prices advanced.

Rompetrol posted a loss of $70 million compared with a loss of $25 million for the same period last year, it said late yesterday in a regulatory filing to the Bucharest Stock Exchange. Earnings before interest, taxes, depreciation and amortization was a loss of $4 million in the quarter, compared with Ebitda profit of $40 million a year ago.

``Unfavorable market conditions had an impact on our third- quarter earnings because of the record increases in raw material prices, especially the Brent crude which peaked at $144 a barrel in July,'' the company said in the statement.

The Constanta, Romania-based company also had a net loss of $119 million in the first nine months of the year compared with a loss of $12 million last year.

Rompetrol's shares fell 6.3 percent to 0.022 lei in Bucharest trading today, valuing the company at 464 million lei.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

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