Hellenic Petroleum reports negative results in Q1

11:41 31/5/2013 - Πηγή: Matrix24

Hellenic Petroleum on Thursday reported losses in the first quarter of 2013 and attributed this negative results to adverse refinery conditions in the Mediterranean and to “the worst heating oil period in the last few years in Greece”.

The group said losses totaled 78 million euros in the January-March period, after earnings of 71 million euros

in 2012, which comparable results showed a loss of 21 million euros after earnings of 45 million. Comparable EBITDA was 38 million euros, down 49 pct from the same period last year.

Hellenic Petroleum said that according to preliminary figures, domestic consumption of heating oil fell by 37 pct, while diesel oil consumption fell by around 6.5 pct in the first quarter of 2013.

Yiannis Costopoulos, the group’s chief executive, commenting on the results said that a collapse of the domestic market puts further pressure in the retail sector of the oil business, confirming the need for drastic changes in the model of operations, emphasizing on reducing operating costs.

Source: AMNA