Leading refiner Hellenic Petroleum reported on Wednesday a 22% drop in its 2006 full year net profits owing to lower crude oil and product prices and suppressed refinery margins compared with previous year.
Net profits were EUR260 million versus EUR334 million in 2005. Earnings before interest, tax, depreciation and amortization fell to EUR502 million from EUR671 million in 2005.
In contrast, sales increased by 22% reaching EUR8.12 billion.
Excluding the negative impact from the favorable 2005 comparative basis, net profits would have reached EUR277 million and EBITDA EUR502 million, implying rises of 45% in both figures, the company said.