OMV of Austria, the biggest fuel retailer in the Czech Republic, lost CZK 116 million (EUR 4.07 million) last...
OMV of Austria, the biggest fuel retailer in the Czech Republic, lost CZK 116 million (EUR 4.07 million) last year on sales topping CZK 26 billion (EUR 911 million), while 2004´s loss was lower than CZK 13 million (EUR 455,741)
Prices of products are rising which is bad for their sale, said OMV CEO in the Czech Republic Karel Slepicka.
OMV lost most of its profit in the first half of last year after it cut petrol prices from day to day by up to CZK 3 (EUR 0.11) a litre in November 2004.
It made its rivals cut fuel prices as well.
OMV is not the only fuel retailer to have ended in the red.
Benzina, operating the biggest network of more than 320 petrol stations, showed a CZK 499 million (EUR 17.49 million) loss last year.
Aral’s loss amounted to CZK 15 million (EUR 525,855) in 2004. In mid-2005 Aral was bought by OMV.
OMV has an 18-per-cent market share owning 218 filling stations and operating also a smaller network of cheap petrol stations Avanti.