Slovenia's Petrol lifts profit despite lower sales (updated)

Petrol dd Ljubljana

20/05/2016 07:59

(Adds detail, company comment) 
    LJUBLJANA, May 20 (Reuters) - Slovenia's largest fuel 
retailer Petrol  PETG.LJ  achieved a 5 percent rise in 
first-quarter net profit to 14 million euros ($15.7 million) 
despite of a drop in sales, the company said on Friday. 
    Sales fell 6 percent to 827 million euros, mainly because of 
lower global oil prices, which were down by about 35 percent 
from the same period last year. In volume terms, Petrol's sales 
of oil products rose by 16 percent. 
    Petrol, which operates 484 fuel stations in Slovenia, 
Croatia, Bosnia, Serbia, Montenegro and Kosovo, said it managed 
to lift profit through efficiency improvements. 
    Economic conditions in Slovenia are improving, the company 
said, but it warned that Croatia and other south European 
markets remain tough because of low purchasing power, high 
unemployment and poor payment discipline. 
($1 = 0.8922 euros) 
 
 (Reporting By Marja Novak; Editing by David Goodman) 
 ((Marja.Novak@thomsonreuters.com; +386-1-5058805; Reuters 
Messaging: marja.novak.thomsonreuters.com@reuters.net)) 
 
Keywords: SLOVENIA PETROL/