Petrolina expects better results

Petrolina (Holdings) Public Ltd announced that the profits for the full year 2005 are expected to show a significant increase compared to the profits of 2004.

Part of the reason leading to the improvement is the fact that the results include the extraordinary income of CYP 1.0 mln, which concerns a final compensation of the PNBS system that Petrolina received during the year.

It is also noted that the profits for the second half of 2005, excluding the above compensation, are expected to remain at the same level as those of the first half.

The improvement is attributable to the fact that the first half of 2004 had been affected negatively from the increase in the price of oil products worldwide, an increase that was not reflected in the retail prices in the Cyprus market.