Petrol Reports an Eleven-Fold Increase in Earnings in Q1

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Petrol Reports an Eleven-Fold Increase in Earnings in Q1

Petrol () saw its Q1 profit soar eleven times year on year. At the end of March the company's earnings stood at 44.86 mln leva (22.9 mln euros), compared with 3.9 mln leva (1.9 mln euros) a year ago, according to the non-consolidated report released today.

Revenues surged from 161.21 mln leva (82.4 mln euros) in March 2007 to 306.28 mln leva (156.5 mln euros) this March. Net sales are at 301.31 mln leva (154 mln euros), which is 92% up from the respective period a year ago.

Sales of goods totaled 180.58 mln leva (92.3 mln euros), against 147 mln leva a year ago. Revenues from services are down by more than 7.7 mln leva to 1.31 mln leva as at the end of March 2008.

Revenues listed as Other (sales of assets etc) amount to 119.43 mln leva (61 mln euros).

Costs are up by nearly 100 mln leva – from 157.01 mln to 245.57 mln leva (125.5 mln euros). The difference is mainly attributed to the balanced value of sales of assets (not including production) which rose from 135.78 mln to 231 mln leva (118 ml;n euros) y/y.

The stock hit a new record today, after gaining 10.73% to 9.39 leva at a turnover of 1,402 shares. This made the stock the most rising within the broad BG40 this week.

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