Petrol Sees Q1 Profit Surge 60%

Date: 05/14/2008
Category: Latest news

Ljubljana, 14 May (STA) - Petrol, the biggest Slovenian oil retailer, posted revenues of EUR 647m for the first quarter of this year, up 52% over the same period in 2007. Operating profit surged 63% to EUR 16.9m and net profit was up 59% to EUR 15.6m.

Petrol sold 550,000 tonnes of oil derivatives in the first three months of the year, an increase of 25%, the company said on Wednesday. Revenues from the sale of other products at its service stations were up 45% to EUR 75.5m. At the end of March the company had 412 service stations, of which 308 are located in Slovenia, 61 in Croatia, 38 in Bosnia-Herzegovina, 3 in Serbia and 2 in Kosovo. The results were released just a day before the Petrol shareholders convene the annual general meeting. The shareholders were expected to vote on a transition to a single-tier management board, but the supervisory board decided today to take the item off the agenda for lack of support among shareholders.