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Australia’s Viva Energy posts annual loss as pandemic hits demand

FILE PHOTO: Brand of refiner and gasoline distributor Viva Power, is pictured in Corio, Victoria, Australia, June 28, 2020. REUTERS/Sonali Paul

(Reuters) – Australian gasoline provider Viva Power Group on Wednesday reported a full-year loss in contrast with a revenue final 12 months, damage by a hunch in world gasoline demand as a result of COVID-19 pandemic.

Coronavirus-related curbs on worldwide journey and home lockdowns battered the marketplace for oil refineries for a lot of 2020, impacting their backside line and placing the way forward for their crops in jeopardy.

Viva’s underlying internet loss on tax on alternative price foundation was A$35.9 million ($28.4 million) within the 12 months ended Dec. 31, in contrast with a revenue of A$135.8 million a 12 months earlier.

The Victoria-based firm mentioned gross sales volumes for the 12 months fell 16% to 12,339 million litres, throughout the firm’s forecast vary of 12,250 to 12,350 ml supplied in December.

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The corporate’s refinery operations delivered an underlying EBITDA loss on alternative price foundation of A$95.1 million in 2020 as a result of pandemic. Alternative price strips out the influence of crude oil stock and overseas change strikes.

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Viva additionally mentioned it has materially progressed the event of its gasoline terminal challenge at Geelong in Victoria, which the corporate has been trying to revive following threats of closures.

($1 = 1.26 Australian {dollars})

Reporting by Nikhil Subba and Tejaswi Marthi in Bengaluru; Enhancing by Maju Samuel

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