Petrol AD Profit Up 20% in First Quarter

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Petrol AD posted a non-consolidated profit of 5.208 mln leva in the first quarter of 2007 up 19.72% from the same period last year, the company’s financial report filed in BSE-Sofia shows.

Net sales revenues increased 25.05% to 159.582 mln leva.

Financial revenues were down 2.893 mln leva from 3.734 mln leva in the first quarter of 2006.

Economic elements costs in the three months ended 31 March amounted to 152.269 mln leva versus 124.148 mln leva a year ago, while financial costs doubled to 4.296 mln leva.

In the end of March 2007 Petrol AD had assets worth 485.192 mln leva – up 4.75% from the previous quarter. Its core capital amounts to 109.25 mln leva, while its own capital totals 187.164 mln leva.

Petrol Holding controls 69.9% of Petrol AD’s capital, while United Arab Emirates-registered Naftex Oil Shipping Corporation Limited holds 18.84%.

Petrol AD will hold a general shareholders’ meeting on 11 June which is expected to discuss a proposal to distribute 50% of its profit (8.426 mln leva) as dividends. Shareholders are also expected to vote a proposal to sell the subsidiary Petrol Storage EOOD.

529 shares on this position were traded Friday at 4.65 – 4.74 leva/share.

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