ATHENS: Greece's second-biggest oil refiner Motor Oil reported a 6.4 percent rise in profit on Monday, boosted by higher oil prices and exports which helped offset falling fuel demand in its recession-stricken home market.
Net income for the first nine months of 2011 was 143.1 million euros from 134.5 million euros in the same period last year, the company said. That was above the average analyst forecast in a Reuters poll of 131.3 million euros.
The company boosted production after completing a new distillation unit last year. Production volume rose 22 percent to 7 million metric tonnes.
Exports accounted for almost 60 percent of total production, mostly to customers around the Mediterranean which lacks sophisticated refiners selling high-value products.
The company also posted a gain of 28 million euros from the rising value of its oil inventories, compared with a gain of 6 million in the same period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) almost doubled to 294.7 million euros, also exceeding a forecast for 278.8 million euros.
Comments
Comments are closed for this article.