Adjusting for inventory effects, Hellenic Petroleum’s ‘clean’ net income was up 27% over the second quarter of 2006, to E94 million. In addition, the company’s ‘clean’ earnings before interest, tax depreciation and amortization stood at E260 million, up 3% over the previous year. The company’s strong profit came despite sales revenue dropping 7% in the quarter, to E1.9 billion.
The company said that, during the first half of 2007, automotive diesel and gasoline sales were up 3% and 10%, respectively, over the same period of 2006, with wholesale market share gains for both products. In addition, a further six company-owned petrol stations were added to the retail network in 2Q, bringing the total number of company-controlled petrol stations to 249, or 20% of Hellenic Petroleum’s total network.
Meanwhile, the company’s international marketing unit continued to benefit from network expansion, as 11 petrol stations were added to the network in 2Q, as well as volume increases and market share gains.
