HELSINKI, Oct 22 (Reuters) - Finnish biofuel producer and
oil refiner Neste reported a smaller-than-expected
fall in its third-quarter profit on Thursday, thanks to its
resilient renewables business and despite a very weak refining
Neste, which has invested heavily in renewables, said its
July-September comparable operating profit fell 14% to 373
million euros ($442 million), beating the 343.5 million expected
on average by analysts, Refinitiv Eikon data showed.
Quarterly revenue dropped 27% year-on-year to 2.88 billion
euros, missing analysts' average expectation of 2.97 billion.
Neste said its renewables business had improved its sales
margin and volume from the same quarter year ago while its oil
products segment delivered a slightly negative comparable
"Oil Products continued to suffer from a very weak refining
market caused by the global COVID-19 related demand destruction
and over-supply," Neste Chief Executive Peter Vanacker said in a
Neste's board also decided to pay a second dividend
instalment of 0.56 euros per share, consisting of an ordinary
dividend of 0.46 euros per share and an extraordinary dividend
of 0.10 euros per share.
($1 = 0.8440 euros)
(Reporting by Anne Kauranen; Editing by Mark Potter and Carmel