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Finland's Neste beats market expectations with record Q3 result

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Finland's Neste beats market expectations with record Q3 result
General view of Neste's oil refinery, with a total refining capacity of about 13.5 million tonnes per year, in Porvoo, southern Finland, November 17, 2015.REUTERS/Jussi Rosendahl/File Photo   -   Copyright  Reuters Staff(Reuters)
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HELSINKI (Reuters) – Finnish biofuel producer and oil refiner Neste <NESTE.HE> on Wednesday reported better-than-expected results as it hit its highest quarterly profit ever, citing higher sales in its key renewables products.

Neste, which is investing heavily in renewables, said its third-quarter operating profit rose 77.6% to 444 million euros ($494 million) from 250 million euros a year earlier, surpassing analysts’ average expectation of 420 million euros in a Refinitiv poll.

($1 = 0.8989 euros)

(Reporting by Anne Kauranen; Editing by Tom Hogue)

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