Hel­lenic Pe­tro­leum Q3 core profit rises

Kathimerini English - - Focus -

Hel­lenic Pe­tro­leum (HELPE), Greece’s big­gest oil re­finer, re­ported a 15 per­cent rise in third-quar­ter core profit on Thurs­day with stronger sales vol­umes more than off­set­ting lower re­fin­ing mar­gins. Ad­justed for oil in­ven­tory hold­ing, earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­za­tion (EBITDA) came in at 237 mil­lion eu­ros, up from 206 mil­lion eu­ros in the same pe­riod a year ear­lier. The fig­ure beat an­a­lysts’ aver­age fore­cast of 213.4 mil­lion eu­ros in a re­cent Reuters poll. HELPE, which op­er­ates three re­finer­ies in Greece and ex­ports more than half of its out­put, said re­fin­ing sales vol­umes, thanks to high uti­liza­tion rates of its re­finer­ies, out­weighed a 20 per­cent drop in bench­mark re­fin­ing mar­gins and higher pro­vi­sions for car­bon diox­ide emis­sions rights. Re­fin­ing sales vol­umes rose 8 per­cent in July to Septem­ber to 4 mil­lion tons. For the nine months to Septem­ber, EBITDA, in­clud­ing oil in­ven­tory gains, rose 20 per­cent to 731 mil­lion eu­ros. HELPE has said it ex­pected EBITDA to top 1 bil­lion eu­ros this year, up from 851 mil­lion eu­ros last year. Un­der Greece’s pri­va­ti­za­tion pro­gram, HELPE has agreed to sell a 35 per­cent stake in Greece’s gas grid op­er­a­tor DESFA for about 280 mil­lion eu­ros.

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