Romanian company Rompetrol Rafinare, which operates the largest oil refinery in the country – Petromida, posted a 49 percent increase in net revenues in the first quarter of 2014, due to larger quantities of oil processed and growing fuel sales, boosted by exports, according to the company’s quarterly report.

The company’s net sales were USD 1.08 billion, compared to USD 728 million in the first three months of 2013. Following the growth in sales, the operational profit before interest, tax and depreciation (EBITDA) was positive at USD 9.37 million, compared to a loss of USD 0.12 million in Q1 2013.

Still, the bottom line shows slightly higher overall losses than last year, of USD 26.8 million, due to the high financing costs.

„The company’s consolidated financial results have been positively influenced by the increase in the quantities produced and sold, compared to the same period of last year, and negatively influenced by the evolution of international quotations for crude oil and oil products,” according to the company’s report.

International gasoline prices were down 8 percent and Diesel oil prices decreased by 5 percent in the first quarter. The Petromidia refinery produced 55 percent more gasoline and doubled its Diesel fuel production. The company’s fuel exports grew 2.2 times to 549,000 tons while domestic sales were up 42 percent to 343,000 tons.

The marketing business, which reflects the group’s operations on the Romanian market, shows a 65 percent increase in wholesale fuel sales while retail grew by just 1 percent.

Rompetrol Rafinare is part of KMG International group (formerly known as The Rompetrol Group), which is a subsidiary of KazMunayGas, the state owned oil company of Kazakhstan.

Andrei Chirileasa, andrei@romania-insider.com