Petrol Group d.d., Slovenia’s biggest energy company, posted a 9 percent rise in first-half net income as sales of oil products and general merchandise increased.
Profit climbed to 23 million euros ($29 million) from the year earlier period, the Ljubljana-based company said in a regulatory filing today. Revenue surged 18 percent to 1.8 billion euros, it said.
“Earnings before interest and tax were slightly better than we had foreseen, while profit disappointed as we expected it would reach 26 million euros,” Saso Stanovnik, head of research at brokerage Alta Invest d.d. in Ljubljana said in an e-mail. He owns Petrol shares. “We still believe the company is doing pretty well as sales of oil products gain consistently. The company should see stable and solid profit growth in 2012.”
Petrol, which operates 457 outlets in the Balkans, is seeing an increase in the sale of oil products, electricity and general merchandise even as the economies of Slovenia and Croatia, its main markets, stagnate and consumption falters amid rising unemployment.
Sales of oil products in the period totaled 1.2 million tones, a 9 percent rise from a year earlier period and sales of electricity soared 121 percent to 1.1 million mega-watt hours. Sales of merchandise other than oil products increased 10 percent to 236.5 million euros, the Slovenian company said.
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