Statoil Fuel & Retail’s (OSE: SFR) quarterly report disappointed the analysts. The company rued challenging fuel market conditions in Central and Eastern Europe and disappointing Special Products performance due to low margins in Lubricants. Gross profit on fuel sales was also down in Scandinavia, where negative inventory revaluation pressed numbers down.
Dividend proposal is 1.8 NOK a share, which is 50% of EPS. The company feels the demand outlook in Scandinavia is stable and it still beliefs that strong market fundamentals in CEE will win out in the end. The company is happy with the results already shown by the cost savings programme targeting 450 million in total savings by 2015. The stock was stomped down a whole 13.5% in Tuesday session.
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