Profit margin weighed down by rising inflation leading to increased operating expenses
Increased contribution from affiliated companies active in the aircraft refueling sector.
Petrolina (Holdings) Public Ltd's profits for the 2nd half of the year are up compared to the 1st half, but the company estimates that the results for the whole of 2023 will show a relative decrease compared to the previous year. According to the company's announcement to the Cyprus Stock Exchange, based on the financial results available to date, the profits for the second half of 2023 are shown to be higher compared to the first half of the year, however the results for the whole of 2023 from continuing operations are expected to show a small decrease compared to the previous year.
It is reported that, primarily, the estimated reduced profits for the whole of 2023 compared to last year result from increased operating expenses as a direct effect of increased inflation, as well as and increased financing costs experienced during the year.
These parameters are significantly offset by an increased contribution from associated companies active in the aircraft refueling sector whose operations show a significant recovery from prior periods, as well as reduced taxation.
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