ELPE expected to post record nine-month profit today

ELPE (Hellenic Petroleum) is expected to report a nine-month period EBITDA figure of between 570 million and 580 million euros today, a company record.

ELPE chairman Efstathios Tsotsoros noted a record-breaking profit performance would be posted while speaking yesterday at conference staged by IENE, the Institute of Energy for South-East Europe.

“Following many years of losses, ELPE is returning to profit in 2015. We will report a record-breaking profit figure for the nine-month period,” Tsotsoros told the conference, while forecasting the company’s EBITDA for the entire year will exceed 750 million euros.

Market conditions for ELPE are currently extremely favorable. Despite posting a 770-million euro turnover reduction in the first half, compared to the equivalent period a year ago, the company’s three refineries quadrupled their gross profit during the same period.

The revenue figure fell as a result of lower product prices but was more than offset by the lower-priced crude orders made by ELPE, which cost the company nearly one billion euros less during this year’s first half compared to the equivalent period last year.

Demand for company products such as unleaded fuel, diesel, and aviation fuel, all costing far less to produce, have been maintained at satisfactory levels.

Tsotsoros told the conference ELPE’s strategic plan includes maintaining the international competitiveness of the corporate group’s refineries and wider investment in new areas.

He pointed out that ELPE has doubled exports between 2008 and 2015, which has helped compensate a 40 percent drop in domestic demand for petroleum products amid the Greek recession.