Slovenia's Petrol sees 2015 net profit up, sales down (updated)

Petrol dd Ljubljana

11/12/2014 15:54

(Adds quotes, details, background) 
    By Marja Novak 
    LJUBLJANA, Dec 11 (Reuters) - Slovenia's largest fuel 
retailer Petrol  PETG.LJ  expects to increase its 2015 group net 
profit to 64.3 million euros ($79.8 million) from the 60.4 
million forecast this year, although sales are seen falling 6 
percent next year. 
    The company said on Thursday sales would fall to 3.8 billion 
euros in 2015 due to demanding economic conditions in its 
markets, from the 4 billion expected this year. 
    This year's net profit would be around 7 percent below the 
company's March forecast of 65 million euros, while sales would 
be in line with forecast. 
    "In 2015 we still expect difficult economic conditions in 
Petrol's main markets of Slovenia and Croatia," the company said 
in a statement, adding it aims to cut costs and restructure 
further. 
    Petrol said it planned to raise its net profit to 79 million 
euros by 2019, when sales should reach 4.5 billion. The number 
of filling stations should rise to 528 from some 480 at present. 
    Analysts said the forecast was in line with expectations and 
would not have a major impact on Petrol shares, which lost 2.83 
percent to 275 euros at the close on Thursday, before the 
forecast was released, The blue-chip SBI index  .SBITOP  ended 
2.11 percent lower. 
    "I believe the forecast for a profit rise in 2015 is 
realistic," said Saso Stanovnik, chief economist at investment 
firm Alta Invest. 
    Petrol expects sales of oil products to rise to 2.61 million 
tons next year from 2.6 million tons in 2014. However falling 
oil prices will result in lower sales in euros. 
    Petrol operates filling stations in Slovenia, Croatia, 
Bosnia, Serbia, Montenegro and Kosovo. 
    ($1 = 0.8057 euros) 
 
 (Reporting by Marja Novak; Editing by Zoran Radosavljevic and 
Vincent Baby) 
 
Keywords: PETROL RESULTS/