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Net Profit at Petrol Group Down 2% to EUR 23.9M in H1

Ljubljana, 29 August (STA) - The group around energy wholesaler and retailer Petrol reported a EUR 23.9m net profit for the first six months on Friday, a 2% decrease year-on-year. While sales revenues have also decreased 1% to EUR 1.9bn, the management and supervisors of the state-owned company assessed the results as good given the economic circumstances.

Gross profit stood at EUR 157.7m, on par with the first half of 2013, while operating cash flow before working capital changes increased by 7% to EUR 60.7m.

Petrol said that revenue mostly decreased because of the mild winter, but chief supervisor Tomaž Kuntarič and chairman Tomaž Berločnik also pointed to the protracted economic crisis in Slovenia and Croatia, Petrol's main markets.

The group sold a total of 1.3bn tonnes of petroleum products in the first six months, which is a 3% decrease on the first half of 2013. The sale of natural gas was down by 14% to 62.8 million cubic metres, and of liquefied petroleum gas by 5% to 31,300 tonnes.

Petrol moreover sold 3.7 terawatt hours of electricity, an increase of 60%, and 39,400 megawatt hours of heat, a decrease of 4%.

Merchandise revenue was up 3% to EUR 231.2m.

The group operated over 479 petrol stations at the end of July, of which 318 in Slovenia, 99 in Croatia, 37 in Bosnia-Herzegovina, nine in Montenegro and eight each in Serbia and Kosovo.

"The Petrol group will pursue an active sales policy and further optimisation of all business processes to reduce the impact of negative economic trends. The results achieved mean the Petrol group is successfully following the set goals," Kuntarič and Berločnik moreover wrote in a press release.

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