May 31 (SeeNews) - Bulgarian fuel retailer Petrol [BUL:5PET] turned to a consolidated net loss of 3.9 million levs ($2.2 million/2.0 million euro) in the first quarter of 2019, from a net profit of 55.9 million levs in the same period of 2018, when the company ended in green due to asset sales.
Petrol's total revenue dropped to 115 million levs in the first three months of the year from 167.5 million levs in the comparable period of 2018, Petrol said in an interim financial statement.
Sales revenue increased to 114.5 million levs in the review period from 112.5 million levs in the like period of last year, while financial revenue shrank to 485,000 levs from 55 million levs the year before.
In March 2018, Petrol sold its unit Elit Petrol but kept Elit Petrol's wholly owned subsidiary Varna Storage.
Petrol's expenses increased to 118.9 million levs in the January-March period of 2019 from 11.6 million levs in the same period of last year, following a rise in cost of goods sold.
With its first-quarter loss, Petrol's accumulated losses increased to 112.5 million levs at the end of March. The company has been trying to cut its capital to cover the losses but has not yet been able to do so because of pending court cases against the capital decrease decision.
In February, Petrol's shareholders approved a proposal to reduce the company's capital by three quarters to 27.3 million levs in order to cover the accumulated losses.
Petrol shares last traded on the Bulgarian Stock Exchange at a price of 0.755 levs, and are down 23% year-to-date.
Petrol operates over 300 fuel stations in Bulgaria.
(1 euro = 1.95583 levs)