Petrolina profits decline, interim dividend declared

Petrolina Holdings Pcl (PHL.CY) reported a significant decrease in its first half results with net profit declining 37.2% year-on-year to EUR 3.6 mln. EPS fell to EUR 0.0411.
Total sales surged by 52% yoy to EUR 198mln on the back of higher sales from filling stations and other commercial clients (+26.4% yoy). However, gross profit came in lower at EUR 15.1mln (-7.4% yoy), with gross profit margin worsening by 490bps to 7.6%. Petroleum products gross profit margin was slashed to 6.7% (-510bps) whilst gross margin for LPG products improved by 30bps to 23.0%.
EBITDA was recorded 18.3% yoy lower at EUR 7.8mln. Adjusted net finance charges recorded in 1H08 came in higher by 49% yoy (+EUR 485.7k) whilst PHL’s associate PPT Aviation recorded a profit of EUR 384.9k vs. a loss of EUR 43.2k booked in 1H07.
In another development, the Company’s Board approved an interim dividend payment to its shareholders of EUR 0.017 per share for 2007. Ex-dividend date is set on 10 September 2008.