OMV Petrom (SNP), the biggest company on the Romanian market, has been affected by the revaluation of Kazakh assets and by the significant losses linked to the loans in dollars granted to the Kazakh subsidiary, posting as a result 116 million RON (27.6 million euros) in losses in the third quarter of the year.

The loss is considered by analysts to be a negative surprise, especially considering that the announcement comes after a profit of 719 million RON (171 million euros) in the second quarter of the year and a 632 million-RON profit in third quarter of 2009.

"Petrom had a mixed quarter. While on the clean operating levels the result is above our forecast, we believe the 100 million RON reported loss (after minorities i.e.) could surprise the market negatively," says Tamas Pletser, oil and gas analyst at ING.

Petrom stock ended yesterday's session with a 1.5% decline amid 7.7 million-RON transactions, higher than usual. Since the beginning of the year SNP stock has risen by 32%.

The ING analyst adds that the loss was largely driven by the 455 million-RON financial losses due to the significant appreciation of the RON against the dollar and to higher interest costs, while the impairment at the Kazakh subsidiary (441 million RON) affected the EBIT negatively.

OMV Petrom (SNP), the biggest company on the Romanian market, has been affected by the revaluation of Kazakh assets and by the significant losses linked to the loans in dollars granted to the Kazakh subsidiary, posting as a result 116 million RON (27.6 million euros) in losses in the third quarter of the year.

The loss is considered by analysts to be a negative surprise, especially considering that the announcement comes after a profit of 719 million RON (171 million euros) in the second quarter of the year and a 632 million-RON profit in third quarter of 2009.

"Petr