BRATISLAVA, August 16, (WEBNOVINY) – The Bratislava-based oil refiner Slovnaft reported H1 consolidated sales of EUR 2.3 billion, up 49 percent in annualized terms. The profit as of late June stood at EUR 41 million. In the same period last year, the refinery was EUR 45 million in the red. “The economic performance over the entire first half of this year was bolstered by higher volumes of processed and sold motor fuels as well as by a positive development of crack spreads and of the exchange rate of the euro and the U.S. dollar,” spokesperson for Slovnaft, Anton Molnar, said.
The Slovnaft group posted Q2 profit of EUR 14 million, which was EUR 27 million less q/q. “The opening of the year hinted at the improving economic environment but actually, factors behind economic contraction still have not dissolved. This also afflicted the development of the oil industry and the result of our economic performance in the second quarter of 2011, when the positive course of external environment slackened. Notwithstanding, we have partially managed to compensate for this change thanks to a fair structure of production and solid sales,” Chairman of Slovnaft’s Board of Directors, Oszkar Vilagi, elaborated.
In the second quarter of this year, Slovnaft processed more than 1.5 million tons of oil, up 33 percent from a year ago. The volume processed in H1 2011 was 19 percent higher in annual terms, also as a result of higher demand for diesel, Molnar said. Motor fuel sales in Slovakia grew 2 percent y/y, in his words. The group gave work to 3,628 people and operated 209 petrol stations in Slovakia as of late June 2011.
SITA