Hellenic Petroleum Q2 profit beats forecasts

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.