Greece's biggest refiner Hellenic
Petroleum reported on Wednesday a much
smaller-than-expected profit drop for the second quarter, as
cost cuts and robust refining margins outweighed a slump in fuel
demand in the austerity-hit country.
Net profit, adjusted for the value of the company's oil
inventory, stood at 86 million euros ($108.1 million), down 7.5
percent from the previous year, the company said. That was much
higher than a 28.2 million euro average profit forecast made by
analysts in a Reuters poll.
The company also said it was close to refinance debt
maturing in the last quarter of 2012 and the first quarter of
2013.