28/08/2007 12:56
Despite the drop in its turnover, Petrolina’s profits recorded a sharp increase in the first half of 2007.
According to the results released on Tuesday, the net profits stood at £3.3 million compared to £2 million in the corresponding period of 2006. The gross profit surged 26.5%.
The distribution and administrative expenses recorded an increase of 10.8% and 2.1% respectively.
Petrolina Managing Director, Ntinos Lefkaritis told StockWatch that the profitability during this period is “real” compared to last year, when it was not anticipated. Also, the drop in the turnover is not real since the sales via the gas stations and the trade sellers increased, while the decline concerns the sales to other oil companies.
“We expect that if oil prices do not change considerably worldwide, the Company will continue its upward trend”, he added.
The Board of Directors also decided to grant an interim dividend of 1.5 cents per share. The share is currently recording gains of 1.20% to €0.84.
According to the results released on Tuesday, the net profits stood at £3.3 million compared to £2 million in the corresponding period of 2006. The gross profit surged 26.5%.
The distribution and administrative expenses recorded an increase of 10.8% and 2.1% respectively.
Petrolina Managing Director, Ntinos Lefkaritis told StockWatch that the profitability during this period is “real” compared to last year, when it was not anticipated. Also, the drop in the turnover is not real since the sales via the gas stations and the trade sellers increased, while the decline concerns the sales to other oil companies.
“We expect that if oil prices do not change considerably worldwide, the Company will continue its upward trend”, he added.
The Board of Directors also decided to grant an interim dividend of 1.5 cents per share. The share is currently recording gains of 1.20% to €0.84.
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