The country’s petroleum product companies have reported smaller losses in 2014 compared to the previous year, while overall turnover amounted to 10.7 billion euros, down by 2.2 percent, according to a study conducted by IOBE, the Foundation for Economic and Industrial Research.

The study, based on the results of twelve sector companies, also produced a reduced turnover level, which was mainly attributed to lower oil prices.

As for sales in terms of volume, the study reported a 7 percent increase compared to 2013, which ended a losing spree that had begun in 2009.

The study’s gross profit figure for 2014 increased marginally to 385 million euros, from 373 million euros a year earlier.

The total cost of sales fell by 2.4 percent. A 66.3 percent proportion of costs was comprised of CIF (Cost, insurance and freight) expenses, which, as a result of their correlation with oil costs, fell by 1.4 percent compared to 2013. Duties and taxes, which added up to 33.2 percent of CIF expenses, represent the second-largest cost.

Other expenses for the sector’s firms fell to 450 million euros in 2014 from 460 million euros in 2013, a 2.3 percent drop, according to the IOBE study.

The sector remained in loss-incurring territory in 2014, but the collective losses of the twelve companies participating in the study reduced their overall loss to 65.8 million euros from 98 million euros in 2013.

Contrary to the Greek economy’s overall negative climate, total investments in the sector grew by 19.9 percent in 2014.