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Oil Terminal Constanta profit goes down to 17,000 lei


Oil Terminal Constanta, the operator of state owned oil terminal in the Black Sea reported a net profit of 17,000 lei in the first quarter, 2018, about 400 times smaller than the net profit of 6.77 million lei obtained in the same period of 2017, according to data sent by BVB on Monday.

The net business figure dropped by 8%, to 33.78 million lei in the first three months of the year. Compared to the level obtained on March 31, 2017, the business figure dropped 36.7 million lei as a result of the reduction of incomes by 33% (4.9 million lei).

“The drop of business figure planned for quarter 1, 2018 by 9.6%, 37.3 million lei led to the reduction of the other budget indicators approved,” the company report shows.

The overall value of investment expenses on March 31 is of 5.39 million lei.

For this year, investment expenses are 29.1 million lei at the level of investment financing source, of which credit returns for investments of 1.27 million lei, and investment expenses of 27.83 million lei.  

“On March 31, 2018, the recorded level of investment expenses was 5.39 million lei, 2.2 times higher than the level approved for quarter I, 2018 (249 million lei) and 14.7 times higher compared to the same period of 2017,”company officials say in the report.

At the end of March, long term debts recorded a 4.7% increase compared to December 31, 2017 (59.66 million lei) as a result of amounts used in quarter I, 2018 to achieve planned investment targets.

Oil Terminal company is involved in 76 court trials. In 24 cases, the company is the defendant and in 52 cases it is plaintiff or contesting side. The company makes provisions of 811.29 million lei for litigations on March 31.

The company has 1,000 employees. The main shareholder - the Ministry of Energy, owns 59.62% of social capital.

Oil Terminal Constanta has a storage capacity of 1.5 million cubic metres and is the largest sea operator in Constanta port, specialised in manipulating crude, oil products, liquid petrochemicals and finished products or liquid raw materials for import, export and transit.

The main competitors in the domestic market are Midia Port terminal, exploited by Rompetrol Rafinare, Unicom-Oil Terminal of Galati, Frial Constanta and Minmetal Constanta. The main foreign competitors are: Omisalje port terminal, Croatia which took over crude transit to Serbia and Reni terminal.

Oil Terminal company is listed at BVB and has a market value of 93.18 million lei.