ECONOMY

Hellenic Petroleum EBITDA reached €176 million in Q1

hellenic-petroleum-ebitda-reached-e176-million-in-q1

The Hellenic Petroleum Group on Thursday said its earnings before interest, taxes, depreciation and amortization (EBITDA) totaled 176 million euros in the first quarter of 2021, while net income was €90 million. Comparable operating profit was €60 million and net profits came to €2 million.

Group CEO Andreas Shiamishis commented that “the operating environment we faced in the last 14 months has been the most difficult for years. All businesses, operating in an economy and society that have been challenged by the pandemic and its impact, were affected and had to adapt their operations and strategy accordingly.”

“The oil industry has been among the hardest hit, as travel restrictions continue to affect demand for our products. As a result, despite oil prices returning to pre-crisis levels, the international refining environment records, for the fourth quarter in a row, had very weak margins, while fuels demand in our key markets remains lower than normal levels. Over the coming months, we expect a substantial improvement, as the progress in vaccinations will increase domestic traffic and air travel in an important period for tourism especially for our country.”