ELPE posts record EBITDA figure for nine-month period

ELPE (Hellenic Petroleum) has reported an EBITDA figure of 575 million euros for the nine-month period, a record performance for the company well over the 246-million euro figure posted for the equivalent period last year.

The company reported a third-quarter EBITDA result of 240 million euros, up from 146 million euros posted for the equivalent period last year.

These strong reflect the full-capacity operations of its refineries, which allowed the company to utilize high international profit margins for the sector, a favorable euro-dollar currency exchange rate, as well as increased export activity, ELPE announced.

Careful financial management while banks were closed in the summer ahead of the imposition of capital controls limited the turmoil’s impact on the company results, ELPE noted.

As was expected, domestic fuel consumption was subdued in the third quarter, dropping by 7 percent to 1.5 million tons, despite the increased tourism industry activity. The ongoing recession and capital controls were the main reasons behind the lower fuel demand.