Greece: Hellenic Petroleum Exceeds Expectations
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Monday, 23 November 2009 |
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Greece's biggest refiner, Hellenic Petroleum has reported third-quarter
net profit of €60 million after a loss in the same period last year,
as the value of its oil inventories rose.
The refiner's earnings were above an average analyst forecast of
€52.7 million. Stripping out the effect of crude prices on the
company's oil inventories and other non-operating items, adjusted
"clean" net profit unexpectedly rose to 74 million euros, far above
analysts' 45.2 million euro average forecast.
Adjusted "clean" earnings before interest, taxation, depreciation and
amortisation (EBITDA) stood at 117 million euros, compared with a
forecast of 84.8 million, despite cracking refining margins at a
six-year low, the company said. "We delivered increased
profitability due to our continuous efforts across all our business
activities to further enhance the group's competitiveness," Hellenic's
Chief Executive Officer John Costopoulos said in a statement.
Hellenic is active in 10 countries in southeast Europe. Operations
range from oil exploration and refining to petrol stations and
petrochemicals. In June, Hellenic agreed to acquire the Greek gas
station network of BP Plc for €359 million. The company's €1.1 billion
upgrade of its Elefsina refinery is proceeding as originally planned,
the company said.
PetrolWorld 201109
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