ECONOMY

Hellenic Petroleum sees earnings slump in Q1

hellenic-petroleum-sees-earnings-slump-in-q1

Greece’s biggest oil refiner Hellenic Petroleum posted a 53% fall in first-quarter core profit on Thursday as refining margins were hurt because of lower demand for transport fuel amid coronavirus restrictions in Europe.

Stripping out oil inventory holdings, Hellenic Petroleum said earnings before interest, tax, depreciation and amortization (EBITDA) came in at 60 million euros in the first quarter, down from €128 million in the same period last year.

Higher costs for carbon emission rights under a new European Union emissions trading system also weighed on performance. [Reuters]