August 26 (SeeNews) - Slovenian energy company Petrol [LJE:PETG] said on Friday its consolidated net profit jumped 27% to 32 million euro ($36.1 million) in the first half of 2016.
Consolidated sales dropped 6% to 1.7 billion euro in the six months through June, while EBITDA increased by the same margin to 65.8 million euro, Petrol said in a bourse filing.
"In spite of harsh economic conditions, the Petrol Group achieved good business results in oil trading on the SE European markets, where 22% of its EBITDA was generated," the company said.
As much as 54% of Petrol Group’s EBITDA derived from its oil trading activities in Slovenia. Sales prices of oil products in Slovenia, mostly higher compared to the neighbouring countries due to high excise duties and other taxes, had negative impact on the Slovenian oil trade.
Good business results were also achieved in energy trading which is becoming an increasingly important part of the Petrol Group’s operations, accounting for 20% of its EBITDA, while 4% of EBITDA was derived from the company's oil trading activities on the EU markets.
At the end of June, the Petrol Group operated 484 service stations, of which 314 in Slovenia, 105 in Croatia, 36 in Bosnia and Herzegovina, 9 in Serbia, 9 in Montenegro and 11 in Kosovo.
($=0.8856 euro)