Ljubljana, 21 May (STA) - Energy group Petrol posted a net profit of EUR 27.8 million for the first quarter, an increase of 27% year-on-year and up by more than half over the same quarter in pre-pandemic year 2019, as revenue inched down marginally to EUR 912 million, according to an earnings release published on Friday.
Profit before income tax, depreciation and amortisation (EBITDA) rose by 16% to EUR 54 million and adjusted gross profit was up by 30% to EUR 137 million.
The company said the performance was a result of the "successful adaptation of sales to market conditions and effective cost management".
Sales of petroleum products were down 18%, sales of liquefied petroleum gas by 21% and sales of electricity by 34%.
On the other hand, natural gas sales more than doubled and merchandise sales were up 3%.
Petroleum products accounted for more than half of EBITDA, merchandise contributed 16.6% and energy and environmental systems just under a tenth of the total.
The company said it had responded quickly to changed market conditions in 2020 and these efforts carried over into 2021.