Petrol Turns to Profit in Q3 vs Losses a Year Earlier
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Bulgarian biggest fuel retailer Petrol turned to a BGN 281 million net profit in the third quarter from a BGN 4.8 million net loss in the respective period last year, mainly due to the sale of 75 gas stations to its rival Lukoil Bulgaria for a total of BGN 463.5 million.
Petrol's sales rose to BGN 1.6 billion, up by 66% as compared to the respective period last year. The company's costs grew to BGN 91.8 million versus BGN 37.7 million in the period on negative revaluations of financial assets.
Fitch has placed Petrol's solvency and bond ratings for its EUR 100 million notes due in 2011 on Rating Watch Negative.
In July, Fitch upgraded Petrol's Issuer Default Rating (IDR) to ‘B-‘ with stable outlook from negative over solid gains from the sale of its gas stations to Lukoil.
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