Slovenia's Petrol net profit up 18 pct, sales down (updated)

Petrol dd Ljubljana

18/11/2016 08:06

(Adds quote, details, background) 
    LJUBLJANA, Nov 18 (Reuters) - Slovenia's largest fuel 
retailer Petrol  PETG.LJ  made a group net profit of 57.2 
million euros in the first nine month of 2016, up 18 percent 
over the same period a year earlier, despite lower sales. 
    Profit was higher mainly due to lower business costs, the 
company's report showed on Friday. Net sales fell by 5 percent 
to 2.7 billion euros, mostly on account of lower global oil 
prices. 
    "In Slovenia economic conditions are improving while Croatia 
and other South European states...are still facing very 
difficult economic conditions, low purchasing power, high 
unemployment and poor payment discipline," the company said. 
    Petrol operates 485 filling stations in Slovenia, Croatia, 
Bosnia, Serbia, Montenegro and Kosovo.  
    It said sales of oil products rose by 11 percent from 
January to September to 2.3 million tonnes. 
 
 (Reporting by Marja Novak; Editing by Jason Neely and Alexander 
Smith) 
 ((Marja.Novak@thomsonreuters.com; +386-1-5058805; Reuters 
Messaging: marja.novak.thomsonreuters.com@reuters.net)) 
 
Keywords: PETROL SLO ENERG RESULTS/