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Bulgaria's Lukoil Neftochim Burgas turns to net loss of 130 million euro in 2018

Bulgaria's Lukoil Neftochim Burgas turns to net loss of 130 million euro in 2018

Sofia, June 10 - Neftegaz.RU.
According to Seenews, Bulgarian oil refiner Lukoil Neftohim Burgas, part of Russia's Lukoil, said that it turned to a net loss of 254.3 million levs* (130.0 million Euro) in 2018 from a net profit of 304.0 million levs (155,4 million Euro) the year before, following a rise in expenses.

The company's gross profit plunged to 31.5 million levs last year from 305.9 million levs in 2017, as cost of goods sold grew to 5.77 billion levs from 5.24 billion levs the year before, Lukoil Neftohim Burgas said in an annual financial statement.

Sales revenue increased to 5.81 billion levs in 2018 from 5.44 billion levs the year before. Lukoil Neftochim Burgas turned to an operating loss of 113 million levs in 2018 from an operating profit of 198 million levs a year earlier.

The oil refiner's administrative expenses and selling costs in 2018 both fell marginally, to 21.8 million levs and 28.9 million levs, respectively. Other operating costs expanded to 168.5 million levs last year from 109.7 million levs in 2017.

Financial revenue shrank to 1.3 million levs in 2018 from 195 million levs the year before, while financial expenses grew to 137 million levs from 74.6 million levs in 2017.

The Lukoil Neftochim Burgas refinery operations include receipt, storage and processing of different crudes, delivered by tankers to Rosenets Port terminal, which is operated by the company under a concession contract from May 2011. The oil is transferred by pipeline from the terminal to the main production site.

*1 Bulgarian Lev = 0,51 Euro