Greece’s biggest oil refiner Hellenic Petroleum on Thursday reported a 67% drop in third-quarter core profit, showing the impact of lower refining margins and a hit to demand from the coronavirus pandemic.
Adjusted for oil inventories, earnings before interest, tax, depreciation and amortization (EBITDA) fell to 66 million euros in July to September.
However, the figure beat analysts’ forecast of 49.2 million euros in a Reuters poll.
Chief Executive Andreas Shiamishis said many refineries in Northern Europe had cut or stopped activities amid what he said was “the most adverse industry environment in history,” but he said that Hellenic’s output remained high.
This has helped the company to boost exports and partially offset lower demand for fuel in the domestic market.
Hellenic Petroleum, which exports more than half of its output, said exports rose by 10% in the quarter.