BUCHAREST: Romania's top oil and gas company Petrom, controlled by Austria's OMV posted a first-quarter net profit of 1.075 billion lei ($334 million), down 19.2 percent on the year, it said on Tuesday.
A Reuters poll of five banks and brokerages had forecast a net profit of 1.095 billion lei. "In the first quarter, our financial performance reflected the higher fiscal burden and weaker market environment," said Mariana Gheorghe, Petrom's chief executive.
"Depressed demand in the gas, power and fuels markets combined with lower refining margins were only partially compensated by the operational excellence and cost management initiatives across all divisions."
Gheorghe also said Petrom will move forward with its 6 billion lei investment plan for this year, "subject to an investment-friendly environment and solid market fundamentals".
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