ELPE Q1 profit re­port bet­ter than ex­pected

Kathimerini English - - Business & Finance -

Hel­lenic Pe­tro­leum (ELPE), the coun­try’s largest oil re­fin­ery, re­ported a bet­ter-than-ex­pected 119-mil­lion-euro net first-quar­ter profit thanks to a val­u­a­tion gain on in­ven­tory.

ELPE said that 93 mil­lion eu­ros came from the val­u­a­tion gain, beat­ing an­a­lysts’ ex­pec­ta­tions for a fig­ure of 99 mil­lion eu­ros. Net profit in the same pe­riod a year ear­lier was 43 mil­lion eu­ros.

“The ad­verse in­ter­na­tional re­fin­ing en­vi­ron­ment, cou­pled with a chal­leng­ing Greek mar­ket, af­fected our re­sults. In this dif­fi­cult en­vi­ron­ment we have fo­cused our ef­forts on con­tin­u­ous cost re­duc­tion, as well as ef­fec­tive risk and cash-flow man­age­ment,” ELPE’s chief ex­ec­u­tive of­fi­cer, John Costopou­los, said in a state­ment.

ELPE shares dropped 1.89 per­cent to 6.76 eu­ros yes­ter­day, in line with a 1.88 per­cent drop in the broader mar­ket.

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