ELPE posts first-quarter net profit of 32m euros

ELPE (Hellenic Petroleum) has posted a first-quarter net profit of 32 million euros, up from 17 million euros for the equivalent period last year, amid an environment of low international crude prices and subdued demand in the local market.

Its EBITDA figure (earnings before interest, taxes, depreciation, and amortization) reached 169 million euros, down from 205 million euros posted for the equivalent period last year, a figure achieved primarily as a result of the maintenance of high international refining margins, improved productivity at refineries, and strong exports, which represented 55 percent of the enterprises total sales.

Despite the increase, ELPE’s first-quarter net profit figure was affected by the continued fall of petroleum product prices since the beginning of the year as well as the impact of extraordinary provisions at DEPA, the Public Gas Corporation, which lowered ELPE’s quarterly net profit by roughly 40 million euros.

ELPE plans to make a payment for a maturing 400 million-euro bond within the next few days, on May 16, by primarily drawing from its own coffers. The enterprise is also examining the prospect of re-financing exisiting bonds.