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Energy

Hellenic Petroleum first quarter profit down 53%

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ATHENS, May 27 (Reuters) - Greece's biggest oil refiner Hellenic Petroleum (HEPr.AT) posted a 53% fall in first quarter core profit on Thursday as refining margins were hurt because of lower demand for transport fuel amid coronavirus restrictions in Europe.

Stripping out oil inventory holdings, Hellenic said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 60 million euros ($73 million) in the first quarter, down from 128 million euros in the same period last year.

Higher costs for carbon emission rights under a new European Union emissions trading system also weighed on performance.

($1 = 0.8199 euros)

Reporting by Angeliki Koutantou; Editing by Edmund Blair

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