Motor Oil’s Q2 seen as transitional

Greek refiner Motor Oil posted a 31.6 percent drop in second-quarter group net profit to 22.64 million euros despite a 25.8 percent rise in sales to 650 million euros, hit by the shutdown of a facility. «Despite the positive operating environment for refineries in the second quarter, Motor Oil could not enjoy to the full extent the strong refining margins and the weak euro versus the dollar in the second quarter,» Marfin Analysis wrote in a note, citing a maintenance shutdown that affected refining in the first three weeks of the quarter. The brokerage said the second-quarter results were transitional and not representative, adding that it expected the refiner to benefit from a production upgrade from the second half of the year onward. Group earnings before interest, tax, depreciation and amortization (EBITDA) fell 29 percent to 41.85 million euros, according to the refiner’s balance sheet, published over the weekend. The results were based on International Financial Reporting Standards. First-half net profit fell 8.8 percent to 51.7 million euros, with EBITDA down 5.4 percent at 90.5 million euros. Sales in the period increased 29.3 percent to 1.3 billion euros. (Reuters)