Puma Energy reported higher third-quarter fuel throughput volumes compared with a year ago, but earnings and gross profit were down.
Third-quarter volume rose to 5.143 million cbm from 4.55 million cbm a year ago. But EBITDA was US$165 million against $177 million a year ago, and gross profit was down to $376 million from $400 million. Cash flow from operating activities improved to $200 million from $155 million a year ago.
Denis Chazarain, chief financial officer at Puma, told OPIS: “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 cbm, following the latest acquisition of BP’s storage terminal in Northern Ireland.”
For the third quarter, Puma increased volumes in both midstream and downstream as well as retail and aviation performing well, the company said.
The number of service stations increased to 2,468 from 2,419 in the second quarter of 2016. The outlook remains positive; retail and aviation expected to perform well backed by consumption growth and marketing efforts, while B2B still impacted by headwinds in some countries, Puma said.
Puma saw a steady third quarter marked by 14 percent growth in sales volumes powered by higher UK volumes and organic growth in Americas and Asia Pacific, the company said.
Gross profit and EBITDA were hit by a slowdown in activity in some countries, affecting B2B, shifts in geographical and sector mix and currency fluctuations, Puma said.

29th November 2016