ATHENS Feb 23 Greece's biggest oil refiner
Hellenic Petroleum reported a 17 percent rise in
fourth quarter core profit on Thursday, helped by strong
refining margins and exports.
Core profit, or underlying earnings before interest, tax,
depreciation and amortisation (EBITDA) - stripping out oil
inventory holdings - came in at 215 million euros ($227
million), up from 184 million euros in 2015.
The figure was above an analysts' average forecast of 191.8
million euros in a Reuters poll.
Including oil inventories and a one-off insurance
compensation, EBITDA jumped to 303 million euros, from 31
million euros in the last quarter of 2015, helped by inventory
gains of 82 million euros - thanks to a rise in crude oil
The refiner had booked inventory losses of 148 million euros
in the fourth quarter of 2015.
For the full year, operating cash flow rose to 605 million
euros from 593 million in the previous year. The refiner will
pay out a dividend of 0.20 euros a share, after paying no
dividend last year.
(Reporting by Angeliki Koutantou; Editing by Susan Fenton)