Petro posts profits for 2002
Petro Stopping Centers said it returned to profitability in 2002, largely on the strength of growing non-fuel related businesses such as truck maintenance service.
El Paso, TX-based Petro said revenues increased to $922.9 million last year, up from $918 million in 2001. The company also reported net income of $7.02 million last year, compared to a loss of $499,000 in 2001.
For the fourth quarter of 2002, Petro said revenues jumped to $240 million, an increase of $36.5 million than the same period in 2001. The company also posted net income of $1.6 million in the fourth quarter last year, compared to a loss of $983,000 in the same period in 2001.
Petro noted that revenue increases derived largely from stronger non-fuel sales, higher fuel volume and higher prices per fuel gallon at its 37 company-owned facilities and 23 franchise locations.