ELPE Q1 profit report better than expected

Hellenic Petroleum (ELPE), the country?s largest oil refinery, reported a better- than-expected 119-million-euro net first-quarter profit thanks to a valuation gain on inventory.

ELPE said that 93 million euros came from the valuation gain, beating analysts? expectations for a figure of 99 million euros. Net profit in the same period a year earlier was 43 million euros.

?The adverse international refining environment, coupled with a challenging Greek market, affected our results. In this difficult environment we have focused our efforts on continuous cost reduction, as well as effective risk and cash-flow management,? ELPE?s chief executive officer, John Costopoulos, said in a statement on Friday.

ELPE shares dropped 1.89 percent to 6.76 euros on Friday, in line with a 1.88 percent drop in the broader market.