Statoil Fuel & Retail ASA (OSE: SFR), newly separated and individually listed downstream business of Statoil ASA (OSE: STL, NYSE: STO), which maintains a 54% ownership, reported of rising quarterly profits in Scandinavia but said that pressure on fuel margins continued in Central and Eastern Europe. The energy retail company, which has around 2300 fuel stations, 750 lubricant products and supplies fuel to 85 airports, reported adjusted EBITDA of 845 million NOK, a decrease from 880 million in Q2 of 2010.
The company is disappointed with the quarterly result from Central & Eastern Europe but feels that the overall economic picture supports positive expectations on the development in the region. Earnings Per Share for second quarter was 1.24 NOK and stands at 1.78 NOK for the year to date. The stock is trading down 3.5% at 52.6 NOK per share. Statoil ASA, which is due to report quarterly earnings tomorrow morning, is trading flat.
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