hellenic-petroleum-swings-to-profit-in-the-third-quarter
Business

Hellenic Petroleum swings to profit in the third quarter

Hellenic Petroleum, Greece’s biggest oil refiner, swung to profit in the third quarter on higher refining margins and demand as economies recovered from the pandemic.

Stripping out oil inventory holdings, net profit came in at 39 million euros ($45 million) in the three months to September versus a loss of 8 million euros in the same period last year.

As Greece lifted most COVID-related restrictions and tourists returned after a dismal 2020, Hellenic saw higher demand for fuel transport, it said.

However, soaring costs for gas purchases and higher carbon emission rights weighed on profit.

Hellenic has agreed to sell a minority stake in Greece’s gas distribution grid, which it owned jointly with the state.

The refiner said it expected 256 million euros of proceeds from the deal, which is due to be completed in the first half of 2022.

Related posts

World Travel & Tourism Council pays tribute to Greece

greek

IOBE Survey: Investment spending to grow by 2.8 pct in 2021

greek

Μytilineos – Sale of a RES portfolio in Romania

greek

Greece’s National Bank posts higher Q3 profit, loan-loss provisions drop

greek

Titan – TERNA Energy – Strategic cooperation for investments in waste management

greek

Piraeus Bank – Proceeds with issue of green senior preferred bond

greek