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Petrol Reports 6% Growth in Profit

Ljubljana, 22 November (STA) - Energy group Petrol generated EUR 44.3m in net profit in the first three quarters of the year, a 6% increase on the same period last year, as sales revenue rose 5% to EUR 2.9bn.

Gross profit was up 2% to EUR 251.1m and earnings before interest, taxes, depreciation and amortisation (EBITDA) rose as much to EUR 100m, according to a press release from the company.

The parent company made a net profit of EUR 34.6m from January to the end of September, which is up 12% on the same period last year; sales revenue was almost level at EUR 2.4bn.

Operating costs in the period were roughly on a par with the figures a year ago at EUR 184.5m at the group level and EUR 128.8m at the parent company.

In the release issued after Friday's session of the supervisory board, the company assessed sales results as good considering the harsh economic situation.

Petrol's largest markets, Slovenia and Croatia, "have been facing adverse economic conditions for several years, reflected in a decline in business activity, poor payment discipline, insolvency and bankruptcies, decline in private consumption and increased unemployment", the release reads.

The group sold two million tonnes of petroleum products in the first three quarters of the year (up 8% y/y), 83.2m m3 of natural gas (up 8%), 50,700 tonnes of liquefied petroleum gas (up 7%) and 3.5 TWh of electricity (up 89%). Merchandise sales at shops were down 1% to EUR 354.8 million.

At the end of September, Petrol operated 470 service stations, of which 316 in Slovenia, 96 in Croatia, 37 in Bosnia and Herzegovina, 8 in Serbia, 6 in Montenegro and 7 in Kosovo.

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