* Q3 net income at 72 million eur, up 16 percent y/y
* Weakening dollar generates 54 million euro currency gain (Adds company comment, details)
ATHENS, Nov 24 (Reuters) - Hellenic Petroleum, Greece's biggest refiner, on Wednesday posted a higher-than- expected third-quarter profit, helped by currency gains that offset a decline in sales volumes.
Net income rose to 72 million euros ($96.44 million) from 62 million in the same period last year. The result was well above analysts' average estimate of 58.4 million euros in a Reuters poll.
The company posted 54 million euros in currency gains in the third quarter, compared with 7 million euros in the year-ago period as a falling dollar reduced the value of its dollar-denominated debt service costs.
This outweighed a decline in refining sales amid low margins and an ailing Greek economy. Sales volume of Hellenic dropped by 8 percent year-on-year to 3.35 million kilotonnes.
Earnings before interest, depreciation and amortisation (EBITDA) dropped an annual 18 percent to 87 million euros, slightly exceeding analysts' forecasts of 84.5 million euros.
Cost cuts have also helped results, the company said.
"This satisfactory set of results is also due to the transformation initiatives launched by the group, which have generated 120 million euros of annual cash benefits over the last 2.5 years," it said.
(Reporting by Harry Papachristou; Editing by Erica Billingham)