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Statoil saw its profits fall 10 times in Estonia in 2010
Juhan Tere, BC, Tallinn, 12.07.2011.
Print version
Print versionIn 2010, AS Eesti Statoil earned 9.5 times less in profits in its retail and wholesale business segment than in 2009, writes LETA/Postimees Online.
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While net profits earned in 2010 in comparison to the year 2009 grew by 169%, from 3.3 million euros to 8.8 million euros, the increase was due to the revenue generated by the group’s financial centre. In the retail and wholesale operations segment, net profits fell from 3.3 million euros to 346,000 euros.
The enterprise explained the abrupt decline in profits with the increase in purchase prices of fuel. Statoil’s sales volumes and the business profitability of sales revenue were also adversely affected by the tax fraud committed on the fuels market. Decline in profits was also caused by preparations for the adoption of the euro and sales tax imposed in Tallinn.
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