Hellenic Petroleum says Q1 results significantly up

Hellenic Petroleum reported significantly improved first quarter results, with higher production, sales and exports and lower borrowing.

Comparable EBITDA totaled 229 million euros in the January-March period, up 35 pct from the same period last year, while comparable net profits jumped 80 pct to 126 million euros and released net earnings soared 287.5 pct to 124 million euros.

Improved operations of refineries led to an increase in production and sales by 11 pct and 16 pct, respectively, with sales surpassing 4.0 million tons. Exports grew 18 pct to 2.2 million tons and domestic market sales rising 13 pct to 1.3 million tons in the first quarter.

Petrochemicals recorded the highest quarterly operating profitability despite a slight decline in international margins, while trading recorded an increase in sales volume and contribution to the group.

Domestic fuel demand grew 3.0 pct in the first quarter, with heating oil sales rising 11 pct and petrol rising 2.0 pct in the January-March period.

The group borrowing fell to 1.8 bilion euros in the first quarter of 2017, after the repayment of a eurobond issue (maturing in 2017) in May 10.

Hellenic Petroleum continue hydrocarbon exploration works in Patras Gulf, it has signed a leasing contract for exploratons in the sea bed 2 region (along with Total and Edison) and was currently negotiating for contracts in the sea bed regions of 1 and 10. It also expects ratification of contracts for land explorations in Arta-Preveza and Northwestern Peloponese in Parliament.

Hellenic Petroleum, in cooperation with Hellenic Republic Asset Development Fund, was examining plans to maximise the value of its equity participation in DESDA (it owns 35 pct).