May 17 (SeeNews) - Romania’s Rompetrol Rafinare [BSE:RRC] said its net loss widened to $132.8 million (126.6 million euro) in the first quarter of 2022, from $14.73 million a year earlier.
The negative result was generated by an unfavourable global market environment, Rompetrol Rafinare said in a statement filed to the Bucharest Stock Exchange on Monday.
The company also posted a negative consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) of $86.69 million, compared to a a positive EBITDA of $29.45 million in the like period of 2021.
Rompetrol Rafinare’s gross turnover rose 16% year-on-year, to $1.169 billion, mainly due to higher petroleum products quotations.
Romepetrol’s Petromidia refinery saw a decrease in the volume of raw materials processed in the first quarter of 2022, compared to the same period last year, from 1.265 million tonnes to 980,000 tonnes.
Meanwhile, the Vega facility saw a steady volume of processed raw materials for the first quarters of both years, at 69,000 tonnes. The Vega facility primarily outputs bitumen and hexane.
In the company’s petrochemical sector, 27 kilotonnes (kt) of propylene were processed for the first quarter of 2022, a decrease from 37 kt over the same period of 2021. The volume of ethylene processing doubled over the first three months of 2022 compared to the same period last year, to a total of 10 kt.
Rompetrol Rafinare’s distribution segment booked net losses of $13.12 million, compared to a positive result of $2.61 million over the first quarter of last year.
At the end of March, Rompetrol Rafinare had a distribution network of 1,217 points of sale, including its own stations, partner stations, and mobile stations.
Rompetrol Rafinare is part of Dutch-based group KMG International, in turn fully owned by Kazakhstan’s state-owned KazMunaiGroup. As such, Rompetrol Rafinare’s main stakeholders are KMG International at 54.53%, while the remaining 44.7% is owned by the Romanian state.
Rompetrol Rafinare shares traded flat at 0.0765 lei ($0.0169/ 0.0161 euro) per share at 09:58 CET, on Tuesday on the BVB.
(1 euro = 4.9469 Romanian lei)
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