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Bulgaria's Petrol swings to cons net loss in 2019 on lower revenue

Bulgaria's Petrol swings to cons net loss in 2019 on lower revenue Photo: Petrol / All rights reserved.

SOFIA (Bulgaria), February 28 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] said on Friday that it turned to a consolidated net loss of 5.5 million levs ($3.1 million/2.8 million euro) last year, from a net profit of 55.9 million levs in 2018, as revenue dropped.

Petrol's revenue decreased to 543.7 million levs in 2019 from 594.2 million levs the year before, the company said in a financial statement.

In 2018, revenue was positively impacted by the sale of the company's subsidiary Elit Petrol, it said.

Expenses grew to 549.2 million levs in the period under review from 538.6 million levs in 2018, due to higher cost of hired services as well as increased expenditure on wages.

At the end of 2019, local company Alfa Capital was Petrol's biggest shareholder with a 28.85% stake. Yulinor and Perfeto Consulting followed with stakes of 23.11% and 16.43%, respectively. 

As at 1300 CET on Friday Petrol's shares traded unchanged at 0.58 levs on the Bulgarian Stock Exchange.

Petrol operates over 300 filling stations in Bulgaria.

(1 euro = 1.95583 levs)

 

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