Slovenia's Petrol may miss 2020 targets due to coronavirus

Petrol dd Ljubljana

03/04/2020 11:36

LJUBLJANA, April 3 (Reuters) - Slovenia's largest fuel
retailer Petrol  PETG.LJ  said on Friday that it was "very
likely" the company will not meet its operating targets for 2020
due to the coronavirus epidemic.
    It said the outbreak of the virus had caused a decline in
sales of petrol and merchandise in all of its markets but
particularly in Slovenia and Croatia, its biggest markets.
    "At certain service stations in Slovenia, the sales have
decreased by more than 50% since the pandemic was declared," the
company said. The World Health Organisation declared the virus a
pandemic on March 11.
    Petrol added it had implemented a more consistent cost
management plan but said the impact of the pandemic "cannot be
assessed reliably" because it is unclear how long it will last
and what its effect on the economy will be. 
    It also postponed a shareholders' meeting planned for April
23 until restrictions enforced last month, which prohibit
socialising in public spaces in Slovenia, are lifted. Slovenia
has so far confirmed 897 coronavirus cases, 16 people have died.
   In March Petrol confirmed its forecast for a group net profit
of 109.8 million euros ($118.73 million) this year compared to
105.2 million in 2019.  urn:newsml:reuters.com:*:nL8N2B61FO  
    Petrol operates about 510 filling stations in Slovenia,
Croatia, Bosnia, Serbia, Montenegro and Kosovo.
    Shares of Petrol were steady at 282 euros by 1011 GMT, after
the statement was released, while Slovenia's blue-chip index
 .SBITOP  was down 0.29%.
        

($1 = 0.9248 euros)

 (Reporting By Marja Novak; Editing by Susan Fenton)
 ((Marja.Novak@thomsonreuters.com; +386-1-5058805, 
Reuters Messaging: marja.novak.thomsonreuters.com@reuters.net))