Romania, World: Top oil and gas firm OMV Petrom Q2 profit drops down bellow market expectance

OMV posted a second-quarter net profit attributable to shareholders of 592 million lei ($152.08 million), compared with 619 million lei in January-March and 118 million in the same quarter of last year.

Analysts expected it to report a second-quarter net profit of 640 million lei.

Consolidated sales rose 25 percent on the year to 9.261 billion lei, spurred by significantly higher crude oil prices and higher volumes of petroleum products, natural gas and electricity but partially offset by lower average selling prices for natural gas.

For the year 2017, OMV Petrom expects the average Brent oil price to be at $52/bbl (previous forecast: $55/bbl). Brent-Urals spread anticipated to slightly decrease on the year.

Analysts expect an increased demand for gas and fuels in Romania and a slight increase for power compared to the year 2016.




Read more about this OMV report on The Times of India.

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