The oil and gas company OMV Petrom said in its preliminary report filed to Bucharest Stock Exchange its net profit jumped 33% from 1.02 billion lei in 2008 to 1.36 billion lei (€321 million) in 2009.

In 2008, the company recorded net profit of 1.02 billion lei and turnover of 16.7 billion lei.

OMV Petrom’s turnover fell 23% to 12.8 billion lei (€3.03 billion), while revenues shrank 26% to 14.3 billion lei (€3.3 billion) from a year earlier.

Expenses narrowed 29% year-on-year to 12.6 billion lei (€2.9 billion).

Erste Group said in a research it expected the company to show a net profit of 1.44 billion lei.

In the fourth quarter 2009, the net turnover suffered 10% decline from a year earlier driven by lower export sales.

“Net profit improved by 87% in the fourth quarter of last year compared with the same period of 2008, mainly due to higher EBIT that offset the lower financial result”, the company said in a press release.

At the end of December the company had total assets of 26.7 billion lei, 7% above end-2008 levels, following the revised investment plan.

Shareholders' equity amounted to 14.05 billion lei as of December 31, 2009 and increased by 4% from the end of 2008, “as a result of the net profit generated in the current year and reduced by a decrease in the not realized portion of the oil price hedging”.

Investments for Petrom SA in 2009 amounted to RON 4,145 mn, a 35% decrease compared to 2008. Investments in exploration and production accounted for 68% of the total figure of 2009, mainly due to the continued focus on field development and production drilling.

"Despite the worsening economic environment, 2009 marked the achievement of several milestones. In E&P, several key projects were put on stream. We commissioned the new gas processing plant in Midia, successfully started production at the Komsomols