Puma Energy loses profit but continues to grow
Puma Energy reports 14% growth in sales volume but drop in profit in its third quarter results for 2016.
An increase in UK sales and organic growth in Americas and Asia Pacific have handed Puma Energy a 14% growth in sales volumes during the third quarter in comparison to the same period last year.
The midstream and downstream company suffered a $24 million loss in gross profit, from $400 million in 2015 to $376 million, impacted by a “slowdown of activity in some countries, affecting the B2B sub-segment, shift in geographical and segment mix, and currency fluctuations.”
The number of gas stations operating under the retailer continues to grow, increasing from 2,419 in the second quarter of 2016 to the current 2,468 sites.
“I am pleased to announce another period or growth for the business across all of our key parameters. Although we faced the headwinds of currency fluctuations and slowdown of some economies, we have increased our storage capacity to a record 7.9 million m3,” said Denis Chazarain, CFO.
Puma Energy’s global network of bulk storage fuel terminals increase to 100 after it recently announced a purchase agreement with BP to buy its bulk storage fuel terminal in Belfast, Northern Ireland.
Puma Energy reports growth in sales volume but drop in profit in its third quarter results for 2016.
