Neste Oil Slumps Most in Six Months as Profit Misses EstimatesKasper Viita
Neste Oil Oyj, Finland’s only oil refiner, fell the most in six months in Helsinki trading after profit missed analyst estimates.
Neste Oil declined as much as 7.9 percent, the biggest intraday drop since Aug. 2. The shares were down 6.6 percent at 11.10 euros at 10:43 a.m. local time. About 1.4 million shares have been traded so far, more than 60 percent above the three-month average.
Fourth-quarter earnings at the Espoo, Finland-based company rose to 21 million euros from a loss of 23 million euros a year earlier, it said today. That fell short of the average estimate of 68.5 million euros by seven analysts in a Bloomberg survey.
The company made “good progress” in renewable fuels during 2012, Chief Executive Officer Matti Lievonen said in a statement. The unit posted a comparable operating loss of 2 million euros in the fourth quarter.
Neste Oil sees comparable operating profit improving this year both group-wide and in renewable fuels, the latter also becoming positive. The company proposed raising the dividend to 38 euro cents a share, up from 35 cents a year ago. A three-week maintenance shutdown in its Singapore facility will reduce renewable fuel sales volumes during the first quarter, it said.