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Aug 30, 2023 16:04 EEST
August 30 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:PET] said that it turned to a consolidated net loss of roughly 6 million levs ($3.3 million/3.1 million euro) in the first half of 2023 from a consolidated net profit excluding minority interest of 105,000 levs a year earlier.
Operating revenue in January-June fell to 267.1 million levs from 331 million levs a year earlier, the company said in an interim financial statement on Tuesday.
Product sales generated 262.9 million levs in the review period, a decline from 320.4 million levs in the first six months of 2022.
The company's expenses narrowed to 273.2 million levs in the review period from 330.6 million levs a year ago, as costs of materials and hired services declined. Cost of goods sold fell to 238.2 million levs from 297.65 million levs.
Petrol said it sees a potential risk to sales from sanctions on Russian oil imports levied in response to the war in Ukraine.
The group operates over 300 filling stations in Bulgaria. It is comprised of 17 subsidiaries mostly active in fuel trading and storage.
Shares in Petrol last closed flat at 0.20 levs on the Bulgarian Stock Exchange without any trades carried out, bourse data showed.
(1 euro = 1.95583 levs)
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