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UPDATE 1 - Slovenia's Petrol H1 cons net profit rises 4%

UPDATE 1 - Slovenia's Petrol H1 cons net profit rises 4% Northfoto/

LJUBLJANA (Slovenia), August 30 (SeeNews) – Slovenian energy group Petrol [LJE:PETG] said on Friday its consolidated net profit rose 4% on the year to 40.7 million euro ($45.1 million) in the first half of 2019.

Petrol Group's sales revenue for the first six months of 2019 totalled 2.7 billion euro, up 15% on the year, Petrol said in a bourse filing.

EBITDA totalled 98.7 million euro, a 25% increase compared to the same period of 2018.

The energy group generated an adjusted gross profit of 231.9 million euro in the period under review, a 11% increase year-on-year.

The business results achieved in the first six months of 2019 reflect the group’s success in fulfilling its goals set for the year, Petrol noted.

In December, Petrol said it expects a consolidated net profit of 96.7 million euro in 2019. The group plans sales revenue of 5.6 billion euro, whereas gross profit is forecast at 475 million euro.

In the review period, Petrol Group sold 1.9 million tonnes of oil products, 17% more than in the first six months of 2018. The group sold 90.1 thousand tonnes of liquefied petroleum gas, up 17% . In January-June, Petrol sold 12.3 TWh of electricity and 10.0 TWh of natural gas. Revenues from sales of merchandise in the first six months of 2019 amounted to 236.7 million euro, up 4% year-on-year.

The group derived 44% of its EBITDA from the sales of oil products. Sales of merchandise and related services accounted for 17% of EBITDA, sales of other energy products (natural gas and electricity) for 15%, sales of energy and environmental solutions for 13%, sales of liquefied petroleum gas for 7%, and the production of electricity from renewable sources for 4% of EBITDA.

At the end of June, the group operated 507 service stations, of which 319 in Slovenia, 108 in Croatia, 42 in Bosnia and Herzegovina, 14 in Serbia, 13 in Montenegro and 11 in Kosovo.

Petrol's shares closed at 338 euro on the Ljubljana Stock Exchange on Thursday, down 0.29%

($=0.90328 euro)