November 11 (SeeNews) - Slovenian energy group Petrol [LJE:PETG] on Friday reported a net profit of 24 million euro ($24.7 million) for the first nine months of 2022, down 74% on the year.
As a result of the government measures imposed on the motor fuel market, the Petrol Group’s adjusted gross profit was lower by 108.9 million euro in Slovenia and 34.6 million euro in Croatia, Petrol said in a filing with the Ljubljana Stock Exchange on Thursday.
"An additional drop in the adjusted gross profit in Slovenia resulted from the electricity and natural gas price regulation," Petrol said.
Sales revenue more than doubled to 7.0 billion euro from 3.1 billion euro, backed by the rising cost and selling prices of motor fuels and energy commodities, increased volumes of fuels and fuel products, the merger of Crodux derivati dva into Petrol Group and fuel price regulation, the Slovenian company noted.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) went down by an annual 44% to 98.3 million euro in the first nine months of 2022.
"As a result of the aforementioned measures, Petrol d.d., Ljubljana was forced to sell motor fuels at prices below the cost for 90 percent of the time between 15 March 2022 and 21 June 2022," Petrol said.
"Despite the intensified business situation, the Petrol Group continues to fulfil its financial covenants to banks and the criteria arising from the investment credit rating assigned by Standard & Poor's Rating Services," the company said.
Petrol's shares traded 1.44% higher at 21.20 euro by 1348 CET on Friday on the Ljubljana bourse.
($ = 0.97027 euro)