Hellenic Petroleum posts strong Q4 results

Greece’s biggest oil refiner Hellenic Petroleum reported a 17 percent rise in fourth-quarter core profit on Thursday, helped by strong refining margins and exports.

Core profit, or underlying earnings before interest, tax, depreciation and amortization (EBITDA) – stripping out oil inventory holdings – came in at 215 million euros, up from 184 million euros in 2015.

The figure was above an analysts’ average forecast of 191.8 million euros in a Reuters poll. Including oil inventories and a one-off insurance compensation, EBITDA jumped to 303 million euros, from 31 million euros in the last quarter of 2015, helped by inventory gains of 82 million euros – thanks to a rise in crude oil prices.

[Reuters]