Petrol Posts 0.03 Leva/Share Consolidated Loss in First Quarter

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Petrol AD posted a net consolidated loss of 3.258 mln leva (0.03 leva/share) in the first quarter of 2007 versus a profit of 371,000 leva a year ago.

Net sales revenues in the period amounted to 229.662 mln leva down 27.42% year-on-year. Financial revenues however increased twofold to 2.002 mln leva.

Economic elements costs stood at 220.241 mln leva compared to 313.813 mln leva in the first quarter of 2006 (down 29.82%), while financial costs amounted to 15.027 mln leva compared to 2.683 mln leva a year ago.

In the end of March 2007 Petrol had assets worth 600.659 mln leva down 1.87% from the beginning of the period. Its core capital amounted to 109.25 mln leva ,and its own capital stood at 172.197 mln leva.

Petrol Holding controls 69.9% of the company’s capital while Naftex Oil Shipping Corporation Limited (UAE) holds 18.84%.

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

Early today 109 shares on this position were traded at 4.70-4.80 leva/share.

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