Finnish refiner Neste on Thursday posted weaker-than-expected third-quarter operating results, hit by write-offs and hedging losses, and said it expected volatility in the oil products and renewable feedstock markets to remain high. Following the news, Neste's shares fell 7.8% by 0706 GMT. The maker of renewable and oil-based fuels reported a July-September operating profit of 289 million euros ($291.2 million), down from 579 million a year ago, lagging a 692 million euro forecast by nine analysts polled by Refinitiv.
Finnish energy company Neste on Thursday posted higher-than-expected second-quarter results as volatile energy markets drove up refining profits, but warned of slightly lower oil product margins and renewable products sales volumes ahead. "The war in Ukraine has had a significant impact on international energy markets, leading to volatile and significantly higher oil product and natural gas prices in Europe," CEO Matti Lehmus said in a statement. Neste's shares rose by 10% in early morning trade.
HELSINKI (Reuters) -Finnish energy company Neste on Friday said it was not yet ready to decide on a major new renewable fuel refinery in the Dutch port of Rotterdam given the geopolitical situation and possible implications for costs. After delivering first-quarter earnings that beat forecasts, Neste's outgoing Chief Executive Peter Vanacker said the company was not delaying its final investment decision for the new plant but it needs to analyse the impact first. "You can't go to the board (for a final investment decision) when we haven't fully analysed the implication of the war in terms of inflation, inflation of material and goods costs, (and whether) the procurement strategy is still valid," he told Reuters.