May 17, 2019 / 7:16 AM / 2 months ago

UPDATE 1-Slovenia's Petrol Q1 net profit rises 2% as sales jump

(Updates with quote, details)

LJUBLJANA, May 17 (Reuters) - Slovenia’s largest fuel retailer Petrol said on Friday its group net profit rose 2 percent in the first quarter to 18.2 million euros ($20.34 million), and maintained its target for higher earnings in the full year.

A 19% increase in sales in the first three months of the year to 1.36 million euros fed into higher profit, the company said. Sales of oil products increased by 24% year-on-year when measured in tonnes.

Petrol confirmed its goals for 2019, originally made in December, for full-year net profit to rise 5.3 percent to 96.7 million euros on sales of 5.6 billion, up 3.7 percent.

“In Slovenia and Croatia economic conditions are improving while in the other South European states, which are Petrol’s markets, the economic conditions are still demanding amid low purchasing power and high unemployment,” Petrol said.

The company operates 505 fuel stations in Slovenia, Croatia, Bosnia, Serbia, Montenegro and Kosovo. ($1 = 0.8948 euros) (Reporting by Marja Novak; Editing by Jan Harvey)

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