November 15, 2019 / 7:53 AM / 22 days ago

UPDATE 1-Slovenia's Petrol Jan-Sept net profit up 16%

(Updates with quote, details)

LJUBLJANA, Nov 15 (Reuters) - Petrol reported a 16% rise in group net profit to 80.1 million euros ($88.3 million) for the first nine months of 2019 helped by higher sales, Slovenia’s largest fuel retailer said on Friday.

Sales rose 10% to 4.2 billion euros, it said, with sales of oil products up 15% to 2.9 million tons and sales of gas and electricity up 16%.

“In Slovenia and Croatia the economic situation is improving, but other Southeastern European countries which also make up Petrol’s market still face demanding economic conditions, low purchasing power and high unemployment,” Petrol said.

It confirmed its plan, announced in December last year, for full-year profit to reach 96.7 million euros compared with 91.8 million in 2018 on sales of 5.6 billion.

Petrol operates 507 filling stations in Slovenia, Croatia, Bosnia, Serbia, Montenegro and Kosovo and plans to open eight more by the end of the year.

$1 = 0.9074 euros Reporting by Marja Novak; Editing by Jason Neely and Mark Potter

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