Business News

Petrol Projects Net Profit Up 4% in 2011

Ljubljana, 16 December (STA) - Fuel retailer Petrol projects net profit to stand at 48.9m in 2011, up 4% over this year's forecast, on sales that are expected to increase by 8% to EUR 2.9bn, the company said on Thursday after the supervisory board endorsed the business plan for next year.

The projected figures suggest a marked slowdown from this year, as Petrol expects net profit to quadruple to EUR 47m on sales rising 17% year-on-year to EUR 2.7bn.

In 2011 some EUR 88m will be spent in investment aimed at consolidating Petrol's fuel retail position in Slovenia, building it up it in Southeast Europe and expanding other energy segments at home and abroad.

Petrol expects to sell 2.34 million tonnes of oil derivatives, up 5% year-on-year, and 136,000 tonnes of gas, an increase of 13%.

Merchandise sales are planned to grow 6% to EUR 437m and electricity sales to treble to over one million MWh.

Petrol sees prices of oil rising in 2011 and continued uncertainty in construction, retail and transport, key industries for the company.

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