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Petrol group's net profit drops 40% to EUR 15m in Q1

Ljubljana, 17 May (STA) - The group around the fuel retailer Petrol generated EUR 1.5 billion in sales revenue in the first three months of the year, down 19% year-on-year, while net profit decreased by 40% to EUR 15 million. Petrol noted in a report published on Friday that the group's operations were significantly affected by fuel price regulation.

The press release accompanying the report said that the group sold 855,700 tonnes of fuel and petroleum products in the January-March period, a year-on-year drop of 3%.

Sales of merchandise and services amounted to EUR 138 million, an increase of 17% year-on-year, with the majority of the growth being attributed to the performance on foreign markets.

In the first three months of 2024, the group sold 5.7 TWh of natural gas (up 24%) and 3.1 TWh of electricity (up 20% year-on-year).

Operating costs amounted to EUR 129.2 million, or 1% less than in the same period last year, which Petrol says is "mostly because of the lower cost of materials and energy commodities". Labour costs increased by 15%.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were down 17% to EUR 49.2 million, mostly due to the "losses resulting from the energy price regulation".

Net profit of the Petrol group in the first three months was down 40% year-on-year to EUR 15 million, while gross profit was up by 1% to EUR 147 million.

As for investment, Petrol said that the regulation of the prices of oil and other energy commodities had a marked impact in the first three months of the year.

In this period, EUR 16.2 million was earmarked for investments, which is 45% of the planned capital expenditure for the first three months of 2024.

"The Petrol group's operations were marked significantly by the energy price regulation which has been limiting the company's development potential," the press release says.

It notes that in Slovenia, the current price regulation has set margins on certain petroleum products to an "unacceptably low level", by far the lowest in the EU.

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