Petrol Jsc Corrects Q1 Profit To Nearly 104 Million Leva

Petrol Jsc Corrects Q1 Profit To Nearly 104 Million Leva

Petrol Jsc's () pre-tax profit came to 117 million leva (59.8 mln euros) in quarter one compared with 4.2 mln leva for the corresponding period a year ago. The surge is attributed to sales of assets, the company stated. The net profit for the period stands at 103.69 mln leva (53 mln euros).

Petrol and Lukoil Bulgaria reached an out of court agreement settling all disputes between the two companies.

As part of the deal Petrol sold assets (75 gas stations and the Iliantsi petrol center) to Lukoil. The gast stations were sold at a total of 156.1 mln euros and the price for Iliantsi petrol center was set at 80.9 mln euros.

As at March 31 EBIDTA is at 120 million leva (61.3 mln euros), versus 7.6 mln leva (3.88 mln euros) a year ago.

Sales revenues in Q1 surged 91.8% compared with 2007 Q1 and reached 301 million leva (153 mln euros).

Costs are up by nearly 14.6% to 19.1 mln leva (9.7 mln euros), against 16.8 mln leva a year ago.

On March 31 the cost of sales is at 165.6 mln leva (84.6 mln euros), against 136 mln leva at the end of 2007. This is mainly due to increased amount of sales through the gas stations. Net financial revenues stood at 0.5 mln leva.

The stock price more than doubled in a month, closing at an average of 9.38 mln leva yesterday.

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