Romanian Subsidiaries Surpass Profit Of Mother Companies

Romanian subsidiaries of some multinationals had the net profit of their operations surpassing the one of the group they belong to, or even had the bulk of their mother-company profit originating in Romania, during the first semester of 2009.

For instance, Petrom reported 923 million lei [approx 218 million Euro] net profit for the first six months of 2009, which is 45% less than the net profit during the same period last year.
At the same time, its mother-company, OMV, reported its six-month profit to stay at 185 million Euro, or 84% less than same period last year.
Petrom general manager Mariana Gheorghe said the company financial results were greatly influenced by the movements in the price of crude and in the foreign exchange.

Another example is the one of Banca Romana de Dezvoltare (BRD), which reported 425 million lei [or some 101 million Euro] net profit, while its mother-company Sociètè Gènèrale said it made 31 million Euro in profit, or 98% less than same period last year.

Also in the banking industry, Banca Comerciala Romana (BCR) reported last week its six-month net profit to stay at 606.8 milion lei [or 144 million Euro], which is 20.1% less than the same period last year. This makes about one third of the net profit reported by the mother-company Erste Bank, which stayed at 492.1 million Euro.

• Translation AAP

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