Oil trading company Elinoil has posted a 31 percent turnover increase and return to profit territory in the first half as a result of increased demand for heating fuel. Demand for auto fuel remained steady.
The company’s consolidated turnover figure in the first half of 2015 reached 510.7 million euros from 390.3 million euros in the first half of 2014.
The group posted a gross profit of 19.4 million euros in the first half, up from 16.3 million euros in the previous year’s first half.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) figure in the first half reached 5.6 million euros from 3 million euros in the equivalent period a year earlier.
First-half consolidated earnings before taxes reached 2.1 million euros following a loss of 700,000 euros in the first half of 2014. Earnings After Taxes And Minority Interest (EATAM) in the first half amounted to 1.5 million euros following a loss of 600,000 euros reported in the equivalent period a year earlier.
As for the parent company, Elinoil SA, its first-half EBITDA figure reached 5.1 million euros from 2.9 million euros a year earlier. It also posted a pretax profit of 1.7 million euros following a loss of 500,000 euros. The EATAM figure reached 1.3 million euros following a loss of 400,000 euros in the first half of 2014.
The company noted that demand for heating fuel increased considerably in the first half but demand for auto fuel lost some of its momentum. It announced a favorable outlook for the second half, as a result of a sturdy tourism season, the company’s extensive retail network on the islands, and established role in maritime tourism. It did note, however, that the early summer’s imposition of credit controls would impact the economy in the second half of the year, which could affect the company’s results.