Turkish refined oil products retailer posts $122.6 mn net loss for 2011

ISTANBUL (A.A) - February 22, 2012 - Turkey's largest fuel retailer OVM Petrol Ofisi posted a net loss of $122.6 million USD (TRY204.9 mn) for 2011.   The company said, however, that it continued to dominate fuel oil and lubricants retailing as the company's sales reached $11.7 billion (TRY19.5 billion) that translated into a 21 percent y/y increase.   The company said its operational profit surged 15 percent to $171.7 million (TRY286.9 million) despite "fierce competition in the sector and decrease in profit per unit margin."