OMV Petrom falls into red in Q3 on low oil and gas prices

OMV Petrom (SNP), the largest energy company in Romania, recorded a net loss of RON 41 million (EUR 8.5 mln) in the third quarter (Q3) of 2020 as the sales declined by one-quarter year-on-year, according to the quarterly results released on October 28, quoted by Romania-Insider.com.

In Q2, the group’s net profit had narrowed four-fold to RON 214 mln (EUR 44 mln) yet remaining in the positive area, as its sales compressed by one third.

The group again recorded declining operating results across the board in the third quarter of this year compared to the same period of 2019, except for electricity production. Thus, its revenues contracted by 26% year-on-year to RON 5.05 bln (EUR 1.04 bln) in Q3, and by 17% year-on-year to 15.12 bln (EUR 3.1 bln) in January-September.

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