ELPE profit slides in Q4 2017

ELPE profit slides in Q4 2017

Hellenic Petroleum (ELPE), Greece’s biggest oil refiner, on Thursday reported a 21 percent drop in fourth-quarter core profit due to weaker refining margins.

The refiner said earnings before interest, tax, depreciation and amortization (EBITDA), adjusted for oil inventory holdings, came in at 170 million euros, down from 215 million euros in the same period a year earlier.

Weaker margins and increased oil prices, along with euro strength against the dollar, weighed on profits.

Hellenic, which exports about half of its output, will pay a dividend of 0.40 euro a share, up from 0.20 euro last year.


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