Slovenian fuel retailer Petrol lifts profit on lower sales (updated)

Petrol dd Ljubljana

15/05/2015 07:49

(Adds quote, details, background) 
    LJUBLJANA, May 15 (Reuters) - Slovenia's largest fuel 
retailer Petrol  PETG.LJ  made a group net profit of 13.3 
million euros ($15.14 million) in the first quarter of 2015, up 
3 percent year on year in spite of a drop in sales. 
    The company gave no reason for its profit growth in the face 
of a 4 percent fall in sales to 883.5 million euros. 
    Conditions in Slovenia, which is Petrol's main market, 
remain demanding even though there is economic growth in the 
country, Petrol said, adding that sales of oil products in the 
country fell 6 percent year on year. 
    Its second-largest market Croatia, meanwhile, is still 
facing economic recession and a decline in business activity. 
    Petrol operates 481 fuel stations in Slovenia, Croatia, 
Bosnia, Serbia, Montenegro and Kosovo. 
    The Slovenian government, which controls about 33 percent of 
Petrol, said on Thursday that it would keep a stake of at least 
25 percent in the long term with no other investor allowed to 
acquire a larger stake than the state's.  ID:nL5N0Y52Q8   
($1 = 0.8783 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/RESULTS