Czech Rep: Cepro Doubles Pre-Tax Profits
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Tuesday, 22 July 2008 |
Cepro fuel wholesaler and petrol retailer has more than doubled pre-tax
profit to €11m (Kc254.4m) in the first half of the year. Profits for
the same period last year were €4.1m (Kc94.6m).
Sales rose by Kc2.7bn year-on-year to Kc23.5bn in January-June 2008,
while sales of services grew by around Kc260m to Kc938.8m. Effective
organisation and management changes
launched in 2005 and 2006 would have assisted these results.
Of course the international price rise of oil has played its role.
"This positively influenced wholesale and retail sales and the degree
the company's storage and transport system was used by third parties,
and also favourably affected sales of services," said company
spokeperson.
In 2007, Cepro made profit worth Kc458m despite the impact of an
unexpected long shutdown of Czech refining capacities during the year.
Cepro also made profit on the sale of shares in Czech bank CSOB, idle
assets, old claims and transfer of a stake in the Baufeld company.
Total profit from these transactions amounted to around Kc170m.
Cepro emerged in 1994 from the transformation of state-owned assets in
the former state-run company Benzina. The firm is in the hands of the
Czech Finance Ministry which is its only shareholder.
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