Norway: Statoil Fuel & Retail Profits Fall Below Forecasts
|
|
|
|
Thursday, 27 October 2011 |
A price war in Poland and lower margins on fuels in Eastern Europe were blamed for Statoil posting Q3 profits that fell below expectations. The company reported core operating profit of 905m Norwegian crowns, down from 1.03bn for the same period last year and below median expectations of 1bn from a Reuters poll of analysts.
"In Central and Eastern Europe we have experienced pressure on road transportation fuel unit margins and hence a decrease in profits," said Jacob Schram, Chief Executive of the company, which operates 2,300 fuel service stations. The pressure on margins was particularly acute in Poland, where dominant player PKN Orlen initiated a price war that cut margins for all retailers.
The company said that its future real estate strategy would be unveiled at its capital markets day on November 29.
PetrolWorld 27102011
|
