Market analysts forecast ELPE (Hellenic Petroleum) will post elevated first-quarter profit figures and anticipate new all-time records following last year’s spectacular results.
Analyst forecasts agree on the prospect of ELPE posting a first-quarter EBITDA figure in excess of 250 million euros, which, if confirmed, would represent an increase of about 48 percent compared to the 169 million-euro EBITDA posted by the refinery for the equivalent period last year.
The prospect of a higher profit performance already has ELPE officials thinking ahead on how to best utilize the corporation’s further reinforcement. It is believed that a debt restructuring effort, including lowing interest rates, is already been considered.
In comments to energypress, one highly ranked ELPE official, who noted the corporation was able to borrow at an interest rate of 5 percent at a time when interest rates for the Greek State stood at 9 percent, expressed confidence of interest rate reductions for the refinery.
According to sources, ELPE’s EBITDA for the first two months of 2017 struck a level of 184 million euros, while March is expected to add between 70 million and 80 million euros to this amount.
ELPE has announced it will post its first quarter results on May 17, while the company’s annual general shareholders’ meeting is scheduled to take place a week later.
ELPE’s refineries achieved a 16 percent production increase last year, raising output to 14.8 million metric tons, an all-time high for the corporation. Its EBITDA figure for 2016 reached 836 million euros and net profit amounted to 329 million euros, a sharp rise from a 45 million-euro net profit posted in 2015 and a loss of 369 million euros incurred in 2014.