Finnish refiner Neste Q1 profit beats forecast

Finnish energy company Neste on Tuesday reported a rise in second-quarter operating profit to well above market expectations and boosted by gains in inventory valuation.

The biofuel producer and oil refiner said operating profit rose to 463 million euros ($546.20 million) from 208 million a year ago, beating the 261.7 million euro mean estimate of eight analysts polled by Refinitiv.

Neste said it expects demand to be lower in both oil and renewable diesel markets in the third quarter due to the coronavirus pandemic which is also causing volatility in raw material costs. ($1 = 0.8477 euros)