Petrom boasts 391 mln Euros profit in 2005

The biggest Romanian oil company Petrom recorded a net profit of 1.416 bln RON (391 mln Euros) and a turnover of 10,760 bln lei (2.970 bln Euros) in 2005, up 24% compared to previous year, according to financial results released by the company.

The company’s CoE Gheorghe Constantinescu admits that investments have been made, but there is still a difference between Romanian and European standards, which is still to be worked upon.

Based on the good results the company will begin to pay the dividends to the share holders. The value of the dividends tops 738.4 mln RON (0.013 RON/share), but the decision is to be voted upon at the Shareholders Board on April 25.

In 2004, Petrom did not grant any dividends as the company recorded 974 mln RON loss.

The number of employees reached 43,546, down 13 per cent than in 2004.