Hel­lenic Pe­tro­leum dou­bles core prof­its

Kathimerini English - - Front Page -

Greece’s big­gest oil re­finer Hel­lenic Pe­tro­leum said yes­ter­day its third-quar­ter core profit almost dou­bled year-on-year, helped by im­proved re­fin­ing mar­gins and pro­duc­tion. Ad­justed earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­za­tion (EBITDA), which strips out inventory losses, rose to 146 mil­lion euros from 74 mil­lion euros in the same pe­riod last year. The fig­ure was above an av­er­age fore­cast of 119.7 mil­lion euros in a re­cent Reuters poll. Im­proved re­fin­ing mar­gins in the Mediter­ranean and higher pro­duc­tion at one of the group’s three re­finer­ies, which op­er­ated at full ca­pac­ity after main­te­nance work in the pre­vi­ous quar­ter, boosted prof­its, the company said. De­mand for fuel in Greece rose for the first time since the coun­try’s debt cri­sis broke out in 2009, grow­ing by 3 per­cent. The company also said it would pro­pose the dis­tri­bu­tion of 0.21 eu- ros a share to share­hold­ers from un­used tax re­serves at an ex­tra­or­di­nary gen­eral meet­ing (EGM) of share­hold­ers sched­uled for De­cem­ber 15. “I would ex­pect that the dis­tri­bu­tion will take place within two months of the EGM decision,” Chief Fi­nan­cial Of­fi­cer An­dreas Shi­amishis told an an­a­lysts con­fer­ence.

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