Business News

Mild Winter, Weak Economy Erode Petrol's Profits

Ljubljana, 16 May (STA) - Energy group Petrol saw net profit drop 5% year-on-year in the first quarter, to just under EUR 13m, as sales slumped 3% to EUR 919.4m mainly on account of the mild winter, the company said Friday.

Volume sales fell across the board over the year before, with drops recorded in the sale of oil derivatives (-2%), natural gas (-19%), liquefied petroleum gas (-6%), and heating energy (-7%).

On the upside, the company increased electricity sales by 65% to 1.9 terawatt hours, while merchandise sales at gas stations inched up 1% ton EUR 118.9m.

Petrol noted that Slovenia, where it has 319 of the 477 service stations, and its second biggest market Croatia, where it operates 98 service stations, have experienced prolonged soft patches, which has affected spending there.

That considered, the group "achieved good business results," the company said in a press release.

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