Petrol reports slightly higher Q1 profit

Ljubljana, 17 May (STA) - Slovenian energy company Petrol saw its sales revenue grow by 19% year-year to EUR 1.4 billion in the first quarter of the year, while net profit rose by 2% to EUR 18.2 million.

According to a regulatory filing posted on the web site of the Ljubljana Stock Exchange, the group's quarterly adjusted gross profit increased by 10% year-on-year to EUR 112.1 million.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 23% to EUR 46.3 million, 37% of which was generated from sales of oil products.

Merchandise sales accounted for 16% of the EBITDA, sales of energy and environmental solutions for 20%, sales of liquefied petroleum gas (LPG) for 8%, sales of natural gas and electricity for 15%, and sales of electricity from renewable sources for 4%.

Quarterly sales of oil products dropped by 24% y/y to 906,500 tonnes, which is attributed to lower sales of extra-light heating oil, which is being replaced by other heating energy products.

LPG sales rose by 15% to 44,200 tonnes, with electricity sales totalling 6.3 TWh and natural gas sales amounting to 5.6 TWh. Revenue from merchandise sales rose by 9% to EUR 130.8 million.

At the end of March, the group operated 505 service stations, of which 319 in Slovenia, 107 in Croatia, 42 in Bosnia and Herzegovina, 14 in Serbia, 12 in Montenegro and 11 in Kosovo.

After posting EUR 5.4 billion in sales revenue and EUR 91.8 million in net profit last year, the group projects sales revenue to the tune of EUR 5.6 billion and a net profit of EUR 96.7m for this year.

The group also plans to increase the number of service stations to 515.