Slovenian energy company Petrol [LJE:PETG] said its sales of petroleum products and merchandise since the start of the coronavirus epidemic in all its markets, especially in its two largest markets - Slovenia and Croatia - have declined.
At certain service stations in Slovenia, sales have decreased by more than 50% since the pandemic was declared, the company said in a statement with the Ljubljana bourse last week. Once the effects of the crisis can be quantified, Petrol will immediately inform the general public thereof, it added.
The company noted that its response to the crisis was immediate and included all necessary measures to ensure sufficient liquidity, such as cost streaming and more consistent cost management. Planned investments for the current year have been limited to the most urgent ones needed to ensure smooth and secure operations.
Some employees work from home, while others were temporarily laid off due to a lower volume of business activity. Petrol's supervisory board members have decided to waive 30% of their remuneration as of March 1 until, and including, the month in which Slovenia declares the end of the epidemic.
In a separate statement filed with the Ljubljana bourse last week, the company said it is delaying until further notice its April 23 shareholders meeting that was due to vote in a proposal to distribute a gross dividend of 22 euro ($24) per share for 2019, up from 18 euro it paid for 2018.
Petrol has said its consolidated net profit rose 15% to 105.2 million euro in 2019.
The company's shares traded at 293 euro by 09:34 CET on Tuesday on the Ljubljana bourse, after closing up 0.36% at 282 euro on Monday.
(SeeNews, April 7, 2020)
