HELSINKI, Feb 5 - Finnish refiner Neste Oil (NES1V.HE) reported on Thursday a smaller-than-expected rise in core earnings due to the rapid fall in oil prices, and said the weak economy would pressure diesel margins and gasoline demand.
"Demand for gasoline, together with gasoline margins, looks likely to be very weak throughout 2009," the company said.
Neste's comparable operating profit rose 23 percent year-on-year to 103 million euros ($134.3 million) in the fourth quarter, missing a consensus of 155 million in a Reuters poll, but within the range of estimates.
"The rapid decline in oil prices had a significant negative impact on the comparable operating profit at Specialty Products and Oil Retail," Neste said, adding it also booked a 19-million-euro writedown on a planned hydrocracker.
The firm's refining margin of $15.05 a barrel was its highest ever and beat all forecasts in the poll.
"Demand for gasoline, together with gasoline margins, looks likely to be very weak throughout 2009," the company said.
Neste's comparable operating profit rose 23 percent year-on-year to 103 million euros ($134.3 million) in the fourth quarter, missing a consensus of 155 million in a Reuters poll, but within the range of estimates.
"The rapid decline in oil prices had a significant negative impact on the comparable operating profit at Specialty Products and Oil Retail," Neste said, adding it also booked a 19-million-euro writedown on a planned hydrocracker.
The firm's refining margin of $15.05 a barrel was its highest ever and beat all forecasts in the poll.
