Business News

Petrol Reports Lower H1 Profit on Higher Revenues

Ljubljana, 26 August (STA) - Energy company Petrol reported EUR 21m in net group profit in the first half of the year, which is down 6% on the same period last year. Meanwhile, net sales revenues rose by 17% to EUR 1.5bn.

EBITDA rose by 11% year-on-year to EUR 51.8m and operating profit by 16% to EUR 35.1m, according to a semi-annual operating report posted on the web site of the Ljubljana Stock Exchange on Friday.

The strained economic situation continued to affect the group's operations in the first six months of the year, the management stated in the report, which was endorsed by the supervisory board on Thursday.

Despite the projection of a 2.2% economic growth for Slovenia this year, business conditions will remain strained, mainly due to payment defaults and failures of construction and other companies, Petrol said.

As other negative factors to affect the company's operations, the management pointed to the forecast increase in unemployment and inflation.

The Petrol Group sold 1.1m tonnes of oil products in the first six months of 2011, up 1% year-on-year and in accordance with the plan. Revenues from sales of merchandise rose by 5% to EUR 215.1m.

At the end of June, the group operated 444 service stations, of which 313 in Slovenia, 81 in Croatia, 38 in Bosnia-Herzegovina, six in Serbia, three in Kosovo and three in Montenegro.

The sales of natural gas were up by 7% to 63.7m cubic metres, topping the planned quantities by 5%. The group also sold 25,300 tonnes of liquefied petroleum gas, up 13% y/y and 9% less than planned.

Electricity sales trebled to 517 thousand MWh, but were still 1% below plans. In the first six months of 2011 the Petrol Group operated 30 gas supply concessions.

The whole group employed 3,600 people at the end of June, up slightly from 3,520 at the end of last year.

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