Finland Times

 

Neste Oil's headquarters are in Espoo. File Photo – Lehtikuva.

Neste Oil’s comparable operating profit in 2014 shrank to 583 million euros from 596 million euros in 2013.

 

The company's total revenue in 2014 came down to 15 billion euros from 17 billion euros in 2013. The company in terms of revenue still remains the country's largest.

 

Matti Lievonen, president and CEO at Neste Oil said decline in crude oil price in the second half of the year caused significant inventory valuation losses.

 

“Neste Oil generated a strong comparable result in 2014 despite of the market volatility and operational incidents at the Porvoo refinery. The 50% decline in crude oil price during the second half of the year caused significant inventory valuation losses, and impacted our cash flow. However, we were able to improve our internal performance by lowering costs, which resulted in more than euro 50 million improvement, as promised in April," said Matti Lievonen in the release.

 

The company expects its 2015 comparable operating profit to remain strong, but probably lower that attained in 2014.