Petrolina says 2019 a ‘milestone’ year

The year 2019 was a “milestone” for Petrolina, marking the start of the relocation of its infrastructure from the Larnaca seafront to Vasilikos, the company’s executive chairman said on Tuesday.

Costakis Lefkaritis was speaking at a general meeting of Petrolina shareholders.

He said that despite delays, some caused by the coronavirus situation, work is underway to build a liquefied petroleum gas terminal at Vasilikos, Limassol.

There was also a roadmap for the demolition and dismantling of the company’s storage tanks on the Larnaca seafront.

According to the company’s audited consolidated financial statement for 2019, Petrolina generated pre-tax profits of €4.5 million, compared to €4.9 million the previous year.

After-tax profit from continuing operations came to €4.1 million, compared to €4.3 million in 2018.

Total turnover in 2019 – sales through petrol stations, sales to commercial clients and other petroleum companies – came to €322.9 million, down from €394.1 million in 2018.

The per-share profit from continuing operations is calculated at 4.68 cents.

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