Petrom consolidated net income came in at RON 506m for 2Q07, down 7.4% y/y but up 32.7% q/q. The figure came 13.6% below our own forecast of RON 586m. Total (52 EUR, -2,72%) EBIT came in at RON 548m, down 22.9% y/y but up 39.0% q/q, falling by 14.7% below our estimate of RON 642.4m. We see negative market reaction to the results.