Oil Terminal Constanta, operator of the state-own oil terminal at the Black Sea, will appoint, within the General Shareholders Meeting today, November 24, the new members of the Board of Directors by the cumulative vote method. According to the company’s website, there are currently nine CA candidates.
Also, the term of office of temporary administrators will be determined, the company’s official convenor. At the same time, administrators’ allowances will be set at double the gross average monthly earnings per branch, reported by INS, as the average of the last year. Shareholders will empower Aura Gabriela Dumitru, representative of the Ministry of Energy – the majority shareholder – to sign the management contracts.
The company reported a net profit of 11.5 million lei in the first nine months, down 24.9%, from 15.3 million lei, in the same period last year, shows the data submitted on Monday to the Bucharest Stock Exchange. Between January and September, net turnover grew by 3.5% compared to the first nine months of 2016, to 120.9 million lei, generated by the 2.9% increase in revenues from services offered.
Also, at September 30, Oil Terminal Company was involved in a number of 84 lawsuits in court, according to News.ro. For the year 2017, the investment costs are provided in the amount of 25.38 million lei, of which repayments of investment credits amount to 1.8 million lei and investment expenses amount to 23, 5 million lei.
On September 30, the registered investment expenses amounted to a total of 7.8 million lei, being 15.5% less than the approved level (9.33 million lei). The company transferred 4.06 million tons of crude oil and other petroleum products amounted to, down by around 6% compared to January-September 2016.
At end-September, long-term debt of RON 38.5 million were up by 7.2% as compared to December 31, 2016 (RON 35.9 million) as a result of the conclusion of a credit agreement for investments of 26.7 million lei worth concluded with Bancpost on 2 August 2017. During the mentioned period, the total debts amounted to 59.59 million lei.
On September 30, the shares were traded at the value of 0.1495 lei / share (closing price). Also, at the end of the first nine months of the year, the company recorded in the balance sheet provisions totaling RON 1.91 million, down by 83.6% (RON 9.77 million) as compared to December 31, 2016, following cancellation of litigation provisions worth 7.65 million lei.
